The major US stock indices closed at new record levels. Lower-than-expected CPI, the expectation for Fed cut next week, and FOMO (fear of missing out), sent prices higher. Intel did report better than expected earnings after the close yesterday, helping to send chip stocks higher. AMD was also boosted after IBM, said it is able to run a key quantum computing error correction algorithm on commonly available chips from AMD.
At the close the snapshot of levels showed:
- Dow Industrial average up 472.51 points or 1.01% at 47207.12
- S&P rose 53.25 points or 0.79% at 6791.69
- Nasdaq rose 263.07 points or 1.15% at 23204.87.
Next week there are a slew of earnings including: Microsoft, Meta, Apple, Amazon and Alphabet. Looking at their stocks today:
- Apple rose 1.25%
- Meta rose 0.59%
- Microsoft rose 0.59%
- Amazon rose 1.41%
- Alphabet rose 2.70%.
Looking at chip stocks:
- Nvidia rose 2.25%
- Broadcom rose 2.86%
- AMD rose 7.65%
- Micron rose 5.96%.
And then there was Hut 8 corporation which rose 17.27% after Eric Trump tweeted:
This article was written by Greg Michalowski at investinglive.com.