The Philadelphia SE Semiconductor Index, which has suffered a sharp drop in the year, advanced in the session, while Apple shares rose (+2.3%) for the eighth consecutive day after being hit earlier this month.
Nvidia and Intel shares jumped 9.8% and 6.9%, respectively, and helped boost the S&P 500 and the Nasdaq.
Indices have recovered in recent sessions from their lows. The Nasdaq earlier this month closed down more than 20% from its all-time high on November 19 and confirmed that it was in a bear market.
“The bear market was the time to buy,” said Jake Dollarhide, chief executive of Longbow Asset Management, which has about $50 million in assets under management. “People have finally said, hey, this is a good entry point.” “They’re seeing more value in technology for the first time in a long time,” he claimed.
Oil prices fell after rising sharply on Wednesday.
Data from earlier in the day showed that the number of Americans filing new claims for unemployment benefits fell to a 52-year low and a half last week, and that the jobless lists continued to shrink.
Investors kept an eye on upcoming events in Ukraine. Western leaders agreed to increase military aid to Ukraine and toughen sanctions on Russiawhose invasion of his neighbor entered a second month.
According to preliminary data, The S&P 500 gained 63.94 points, or 1.4%, to 4,520.18, while the Nasdaq Composite gained 270.44 points, or 1.9%, to 14,193.05. The Dow Jones Industrial Average rose 344.96 points, or 1%, to 34,703.46.
Rates on US Treasury bonds rise again in the face of new signs of inflation
The prices of Treasury bonds fell again this Thursday, which pushed up their yields, after new data added to fears that high inflation will prompt the Federal Reserve to decide on a series of interest rate hikes to contain high inflation.
The number of Americans filing new claims for jobless benefits fell to a 52-year low and a half last week and jobless listings continued to shrink, signs of a tight labor market that will continue to stoke wage inflation.
Comments on Monday from Federal Reserve chief Jerome Powell, seen as decidedly dovish, triggered a sharp sell-off that pushed returns to multi-year highs. Bond prices move inversely to their yield.
The yield on 10-year notes rose 2.3 basis points to 2.344%.
Neel Kashkari, chief of the Minneapolis Fed, told a business conference on Thursday that he projects seven quarter-point interest rate hikes this year to help rein in high inflation, but warned against leaving. too far.
The yield curve that measures the gap between the rate at two and 10 years stood at 22.2 basis points. A curve inversion, when short-term rates rise above long-term rates, often indicates a recession is coming.
Yields on 30-year bonds fell 1 basis point to 2.510%. For two-year notes, closely tied to rate expectations, the yield gained 0.9 basis points to 2.122%.
The Treasury sold $14 billion of 10-year TIPS inflation-protected securities for a yield of -0.589%.
Source: Ambito
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