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, driven by strong performance in major technology stocks and reassurance that interest rates will remain steady. Memory chip manufacturers Sandisk and Micron Technology both experienced significant gains, with Sandisk rising 16 percent and Micron increasing 6.7 percent. Broadcom and Meta Platforms also saw notable increases, climbing 1.3 percent and 2.8 percent respectively.
Investors' concerns about extensive AI data center spending were eased by optimistic forecasts from industry giants such as Microsoft and Amazon. CoreWeave, an AI cloud company, remained relatively unchanged despite surging 19 percent the previous day after raising its annual capital spending forecast. Infrastructure Capital Advisors CEO Jay Hatfield attributed the tech sector's current success to an "earnings boom," rather than a speculative bubble.
The S&P 500 closed the day up 0.56 percent at 7,791.70 points, slightly below its earlier all-time high of 7,816.70. The Nasdaq index gained 0.73 percent to reach 26,782.15 points, while the Dow Jones Industrial Average remained flat at 53,766.27.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- S&P 500 hits record high as rate-hike worries ease koreatimes.co.kr
