The stock market continued its record rally on Thursday, with the Dow Jones Industrial Average in particular above 40,000 as technology stocks rose sharply.
The Dow Jones Industrial Average rose nearly 350 points, or 0.9%, and was within range of a major milestone. On this day, the S&P 500 and NASDAQ Composite rose 0.6% and 0.7%, respectively.
The Dow Jones Industrial Average led by its microchip division, even as Apple shares slumped after the Justice Department sued the smartphone giant, accusing it of harming competition, consumers, developers and small businesses. pushed up.
Micron Technology soared 16% after better-than-expected results. The semiconductor sector was up overall, with the VanEck Semiconductor ETF up 3%, Marvell Technology and Taiwan Semiconductor up about 2%, and Nvidia and Intel up 1%.
Apple is down more than 4%, while tech stocks Microsoft, Amazon and Meta are all up about 1%.
Reddit also made its market debut on Thursday after pricing the IPO at $34 per share, the high end of its expected range, on Wednesday. This popular forum website is Pinterest’s first major social media service since its launch in 2019.
Thursday’s gains on Wednesday came after the Federal Reserve announced it expected three rate cuts this year, even though it kept borrowing rates unchanged. compounded a winning day when the stock closed at a new high.
Traders do not expect a rate cut when the Federal Open Market Committee (FOMC), the committee of Fed officials responsible for setting interest rates, meets again in May, but they expect a rate cut in June. The probability of this being implemented is approximately 70%.by CME FedWatch Tools.
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