By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Stocks > S&P 500 notches first record high close in 2 years; chipmakers soar
Stocks

S&P 500 notches first record high close in 2 years; chipmakers soar

News Room
Last updated: 2024/02/12 at 5:35 PM
By News Room
Share
5 Min Read
SHARE

© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. REUTERS/Brendan McDermid/File Photo

By Noel Randewich and Johann M Cherian

(Reuters) -The 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.

In a selloff between its record high close of 4,796.56 on Jan. 3, 2022 and its low in October 2022, the S&P 500 tumbled 25%.

On Friday, the S&P 500 jumped 1.23% to end the session at 4,839.81 points.

“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.

Nvidia (NASDAQ:) climbed 4.2% and Advanced Micro Devices (NASDAQ:) rallied over 7% after server maker Super Micro Computer (NASDAQ:) lifted its second-quarter profit forecast, sending its shares soaring 36%.

Investors exchanged $31 billion worth of Nvidia’s stock and $23 billion worth of AMD shares, higher turnover than any other company on Wall Street, according to LSEG data.

The soared 4% to a record high, while the S&P 500 information technology sector index jumped more than 2% to a record highs.

Microsoft (NASDAQ:) and Apple (NASDAQ:), the world’s two most valuable companies, both rose more than 1%.

Chipmaker stocks have gained since Taiwan Semiconductor Manufacturing Company, the world’s largest contract chipmaker, on Wednesday said it saw booming demand for high-end chips used in AI.

The Nasdaq jumped 1.70% to 15,310.97 points, while rose 1.05% to 37,863.80 points.

Volume on U.S. exchanges was heavy, with 12.3 billion shares traded, compared to an average of 11.5 billion shares over the previous 20 sessions.

After surging through December, Wall Street treaded water in recent weeks as investors reined in expectations the Federal Reserve would start cutting interest rates as soon as March.

Interest rate traders now see a 52% chance of a March rate cut, according to the CME Group’s (NASDAQ:) FedWatch Tool.

Stock investors were also cheered on Friday by the University of Michigan’s preliminary survey showing consumer sentiment improved in January to its highest level since the summer of 2021.

The S&P 500 could lose steam if companies reporting quarterly results over the next few weeks fail to justify relatively high valuations. Netflix (NASDAQ:) reports on Tuesday, followed by Tesla (NASDAQ:) on Wednesday.

“This new record level of the S&P 500 is sustainable as long as earnings meet expectations,” said Steve Sosnick, Chief Strategist at Interactive Brokers (NASDAQ:).

“If, on the other hand, we find out that the market has either gotten ahead of itself … or we get guidance from some of these companies that doesn’t match the bullish sentiment that’s being priced into them, that can be a real risk.”

Travelers (NYSE:) Cos jumped 6.7% after the insurer’s fourth-quarter profit more than doubled, while State Street (NYSE:) advanced 2.1% after the lender reported record net inflows in its Global Advisors unit in the fourth quarter.

Spirit Airlines (NYSE:) rebounded 17% from losses earlier this week as it assessed options to refinance its 2025 debt maturities amid concerns over the airline’s ability to remain afloat.

iRobot (NASDAQ:) slumped almost 27% after a report said the European Union’s competition watchdog plans to block Amazon.com (NASDAQ:)’s $1.4-billion acquisition of the robot vacuum maker.

Advancing issues outnumbered falling ones within the S&P 500 by a 2.9-to-one ratio.

The S&P 500 posted 60 new highs and 3 new lows; the Nasdaq recorded 97 new highs and 191 new lows.

Read the full article here

News Room February 12, 2024 February 12, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Client Challenge

Client Challenge JavaScript is disabled in your browser. Please enable JavaScript to…

Donald Trump’s escalating attacks on Federal Reserve unnerve investors

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Spain overtakes Germany as top EU asylum destination

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Brussels stalls probe into Elon Musk’s X amid US trade talks

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

The fight to revive Europe’s shrinking rural areas

Nicolás de la Fuente, a 92-year-old walking his dog on the desolate…

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

Playa Hotels & Resorts (NASDAQ:PLYA) Delivers Strong Q4 Numbers By Stock Story

By News Room
Stocks

ON24 (NYSE:ONTF) Posts Better-Than-Expected Sales In Q4 By Stock Story

By News Room
Stocks

Evolent Health shares leap on Q4 earnings beat and upbeat guidance By Investing.com

By News Room
Stocks

Chuy’s (NASDAQ:CHUY) Reports Q4 In Line With Expectations But Stock Drops

By News Room
Stocks

Red River Bancshares raises dividend to $0.09 per share

By News Room
Stocks

Ecolab appoints Microsoft executive to board

By News Room
Stocks

Semilux secures $50 million equity deal with White Lion Capital

By News Room
Stocks

US government debt trajectory to push long-term yields higher, says PIMCO

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?