Wall Street indices closed with strong gains this Wednesday, March 29, with the indices nasdaq and S&P 500 rising more than 1% each one since the Upbeat outlook from Micron Technology and other companies eased some concerns about the economy.
Based on preliminary closing data, the index S&P 500 gained 56.13 pointsor 1.41%, to 4,027.40 units, while the nasdaq It rose 210.16 points, or 1.79%, to 11,926.24. Meanwhile, the Industrial Average Dow Jones added 327.24 points, or 0.99%, to 32,721.49 units.
Micron shares rose, boosting the Nasdaq and S&P 500and leading gains in the PHLX semiconductor index.
The memory chipmaker on Tuesday night forecast a drop in third-quarter revenue. in line with Wall Street expectations, while gave an optimistic outlook for 2025 with artificial intelligence driving sales.
Lululemon Athletica Inc. also contributed to that optimism.which jumped after good prospects for annual results. “We had a couple of good readings on the economics of a couple of companies”said King Lip, Chief Investment Strategist at BakerAvenue Wealth Management in San Francisco.
“The biggest one is Micron Technology. Micron is a kind of microcosm of the global economy because their chips are used in many different industries and sectors,” he added. “If they’re bullish in terms of orders, that means the overall economy is doing well.”.
Most of the companies in the S&P 500 they begin reporting on the first quarter after mid-April. The Investors are also trying to gauge whether the turmoil in the banking system may be subsiding. And what can that mean for the politics of the Federal Reserve.
The banking turmoilwhich began in early March with the failure of Silicon Valley Bank, led markets to reassess expectations of future monetary tightening by the Federal Reserve.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
