U.S. Stocks Hit Record Highs on Tech, Chip Gains; Shutdown Impact Limited
U.S. stocks reached record highs on Thursday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all climbing to new peaks. The rally was driven by strong performances in the tech and chip sectors, while the U.S. government shutdown had little impact on investor sentiment.
The S&P 500 rose 4.15 points to 6,715.35, the Dow Jones Industrial Average added 78.62 to 46,519.72, and the Nasdaq composite gained 88.89 to 22,844.05. The gains were fueled by advances in Advanced Micro Devices, Broadcom, and Nvidia, with Nvidia being the strongest force pushing the index upward.
OpenAI's partnerships with South Korean companies for the Stargate project, a $500 billion plan to build AI infrastructure, also boosted stocks in the chip and AI industries. The Kospi leaped 2.7% following the big jumps for Samsung Electronics and SK Hynix. Oracle, SoftBank, Microsoft, and NVIDIA are all involved in the Stargate project, which includes a site in Texas.
Fair Isaac jumped 18% after announcing a program to streamline access to FICO credit scores, potentially cutting out major credit bureaus. TransUnion and Equifax stocks tumbled following this announcement. Meanwhile, the yield on the 10-year Treasury eased to 4.08%.
Despite the U.S. government shutdown, investors are looking past the delays in economic data reports, focusing instead on the positive developments in the tech and chip sectors.
U.S. stocks closed at record highs on Thursday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all hitting new peaks. The rally was driven by strong performances in the tech and chip sectors, particularly Nvidia, which pushed the S&P 500 upward. OpenAI's partnerships for the Stargate project also contributed to the gains, while the U.S. government shutdown had little impact on investor sentiment.
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- XPeng Boosts Leadership, Vienna's EV Interest Surges, Used EV Market Shifts
