S&P 500 hits record high as rate-hike worries ease
The S&P 500 climbed to a record high on Thursday, fueled by advances in Sandisk and other heavyweight technology stocks, as tame producer price inflation data supported expectations the Federal Reserve will not raise interest rates at its September meeting. Memory chip makers Sandisk and Micron Technology surged 16 percent and 6.7 percent, respectively. Broadcom added 1.3 percent and Meta…
The S&P 500 reached a record high on Thursday, buoyed by gains in technology stocks and easing concerns about interest rate hikes. Memory chip manufacturers Sandisk and Micron Technology led the advance, surging 16% and 6.7% respectively, while Broadcom climbed 1.3% and Meta Platforms increased by 2.8%. The rally was driven by strong earnings forecasts from companies like Microsoft and Amazon, which have reduced investors' worries about heavy spending on AI data centers.
Despite the impressive gain, the S&P 500 closed at 7,791.70 points, down 0.56% from its previous all-time high of 7,816.70. The Nasdaq also saw gains, rising 0.73% to 26,782.15 points, while the Dow Jones Industrial Average remained flat at 53,766.27 points.
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- S&P 500 hits record high as rate-hike worries ease koreatimes.co.kr
