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.
The broad market index experienced a 0.6% increase in trading. The benchmark is also headed for gains for a seventh day in a row. A 0.9% gain saw the Nasdaq Composite reach an all-time high. A gain of 216 points, or 0.5%, was made by the Dow Jones Industrial Average.
Among the biggest winners of the session were chip stocks. Taiwan Semiconductor’s stock rose by almost 3% following the company’s April–June sales exceeding Wall Street forecasts.
Nvidia, the leader in artificial intelligence, saw a 3% increase, while peer chip companies Qualcomm and Broadcom saw a 1% increase in trading.
Source (CNBC)
