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For the First Time, the S&P 500 Closes Over 5,600, Driven by Advances in Big Tech

A significant increase in semiconductor stocks drove the market higher on Wednesday, pushing the S&P 500 to a new high and breaking beyond 5,600 for the first time.

With a 1.02% increase, the broad market index closed at 5,633.87, marking its sixth day of increases in a row. A further 1.18% gain saw the Nasdaq Composite reach an all-time high. It was the S&P 500’s 37th record closing in 2024 and the tech-heavy Nasdaq’s 27th.

A gain of 429.39 points, or 1.09%, was made by the Dow Jones Industrial Average. Among the biggest winners of the session were chip stocks.

Following revenue from April to June that exceeded Wall Street projections, Taiwan Semiconductor saw a 3.5% increase in shares.

Comparable semiconductor companies Broadcom increased by roughly 0.7%, and Qualcomm increased by a little 0.8%. synthetic intelligence in adorably, Nvidia increased 2.7%.

Source (CNBC)

SourceCNBC
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