Stock Indexes Wrap: Semiconductors, Tech Lead Indexes Higher as Value Stocks Lag
3 hr 47 min ago
The Dow
Intel (INTC) led the index, rising 2.5% after announcing it would sell its stake in an Irish manufacturing venture to Apollo Global Management for $11 billion.
Tech stocks got a boost from plenty of AI optimism and increased bets that the Federal Reserve will cut interest rates this year. Microsoft (MSFT) rose 1.9% and Amazon (AMZN) added 1.1%.
Apple (AAPL) advanced 0.8% and just barely regained its $3 trillion market cap.
The S&P 500
Hewlett Packard Enterprise (HPE) jumped 10.7% after reporting better-than-expected earnings amid surging demand for AI servers.
Semiconductor stocks were some of the index’s best performers on Wednesday. Broadcom (AVGO) rose 6.2% and Micron (MU) gained 5.6%.
Applied Materials (AMAT) rose 5.3% after getting an upgrade from analysts at Barclays on AI demand.
Nvidia (NVDA) climbed 5.2% to close with a market cap above the $3 trillion mark for the first time.
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SPY shares fell $0.54 (-0.12%) in after-hours trading Friday. Year-to-date, SPY has gained 16.49%, versus a % rise in the benchmark S&P 500 index during the same period.
About the Author: Steve Reitmeister
Steve is better known to the StockNews audience as “Reity”. Not only is he the CEO of the firm, but he also shares his 40 years of investment experience in the Reitmeister Total Return portfolio. Learn more about Reity’s background, along with links to his most recent articles and stock picks. More…
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