From Reuters via Yahoo Finance, January 19, 2024:
- Super Micro Computer's rosy outlook drives chip stocks
- Insurer Travelers rises on higher Q4 profit
- Spirit Airlines mulls options to refinance debt, shares gain
The S&P 500 posted a record high close on Friday for the first time in two years, fueled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence.
The benchmark's close confirmed that the S&P 500 has been in a bull market since it closed at its low on Oct. 12, 2022, according to one measure which also puts that date as the end of a bear market.
The S&P 500 lost nearly 25% in a selloff between its record high close of 4,796.56 on Jan. 3, 2022 and its low in October 2022.
According to preliminary data, the S&P 500 gained 58.02 points, or 1.21%, to end at 4,838.96 points, while the Nasdaq Composite gained 251.51 points, or 1.70%, to 15,310.97. The Dow Jones Industrial Average rose 384.15 points, or 1.03%, to 37,852.76.
"It really is an encouraging day in terms of the action, and 4,800 certainly has been a key level which has been difficult to surmount. So if we continue to move in this direction, that's going to be a very positive sentiment sign," said Lisa Erickson, head of public markets at U.S. Bank Wealth Management in Minneapolis.
Semiconductor stocks Qualcomm, Marvell Technology , Nvidia and Microchip Technology gained after server maker Super Micro Computer lifted its second-quarter profit forecast, sending its shares soaring....
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