As chipmakers soared and Wall Street recovered from a losing week, the S&P 500 and the Nasdaq Composite rose Monday for back-to-back victories.
The Nasdaq Composite increased 1.24% to 19,864.98 while the broad market index gained 0.55% to close at 5,975.38. The Dow Jones Industrial Average closed at 42,706.56 after behind by 25.57 points, or 0.06%.
The 30-stock average increased by as much as 383 points earlier in the day. Following Foxconn’s announcement of record fourth-quarter revenue, chip stocks were among the session’s major winners.
After the company reported three consecutive days of gains, Nvidia surged 3.4%, finishing at a record.
Micron Technology increased 10.5%, while Broadcom gained almost 1.7%. More than 3% was the increase in the VanEck Semiconductor ETF (SMH).
Source (CNBC)
