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NEW YORK (AP) — Stocks soared to record highs on Wall Street Thursday, led by big gains in semiconductor makers.
The S&P 500 rose 0.6% in Thursday morning trading, hitting a record high for the second day in a row. More than 80% of index constituents rose.
As of 9:59 a.m. ET, the Dow Jones Industrial Average was up 266 points (0.7%). The Nasdaq Composite rose 0.7%. Both indexes are also reaching new record highs.
Micron led the rise among semiconductor makers, soaring 14% after reporting strong results for the most recent quarter that easily beat analysts’ expectations. Semiconductor maker Broadcom reported strong results and rose 5.7%.
In the red, several retailers fell after disappointing financial reports. Footwear retailer Designer Brands fell 14.9% after its earnings fell short of Wall Street expectations, and discount retailer Five Below fell 12.2%.
Darden Restaurants, which owns Olive Garden, fell 6.1% after lowering its sales forecast for this year.
Traders will be keeping an eye on Reddit, where stock trading begins today.
The next day, government bond yields were almost stable. federal reserve system He said he still expected three rate cuts this year. This helped calm some tensions on Wall Street. Expectations for interest rate cuts are at record levels on Wall Street, but they are concerned about recent higher-than-expected inflation rates.
Lower interest rates would ease conditions for economic growth and reduce pressure on investment prices. Wall Street expects the Fed to begin lowering rates at its June meeting.
European and Asian markets emerged.
The Chinese government has announced new measures to support the economy.
Swiss National Bank The move was the first surprise move by a major financial center that Switzerland has announced in recent months. bank of england Despite a sharp decline in inflation, the central bank kept its key interest rate at the highest level in 16 years and avoided hinting at when it would start cutting rates.
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AP Business Writer Yuri Kageyama contributed to this report.
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