Wall St Closes Higher on Positive US Economic Data
Wall Street's main indexes ended higher on Thursday, with the S&P 500 scoring a record high, as a surge in Micron Technology (MU.O), shares and a solid U.S. jobless claims report eased concerns about the labor market.
Shares of Micron Technology (MU.O), rose after the memory chip maker projected first-quarter revenue above expectations, highlighting strong demand for memory chips used in artificial intelligence computing.
The broader Philadelphia SE Semiconductor index (.SOX), increased as most chip stocks rallied.
A string of robust U.S. economic data eased concerns that the Federal Reserve may be cutting rates aggressively to curb any slowdown.
Weekly jobless claims fell more than anticipated, signaling a steady labor market, while the final reading of gross domestic product confirmed that the economy grew 3% in the second quarter.
According to preliminary data, the S&P 500 (.SPX), gained 23.34 points, or 0.41%, to end at 5,745.60 points, while the Nasdaq Composite (.IXIC), gained 104.92 points, or 0.58%, to 18,187.12. The Dow Jones Industrial Average (.DJI), rose 255.23 points, or 0.61%, to 42,169.98.
Source : Reuters
