Wall Street Tech Rally Extends as Broadcom Jumps
US stocks pointed to a strong end to the week on Wall Street, as a surge in Broadcom Inc. powered gains across the entire chip-technology complex.
The Nasdaq 100 climbed 0.8% to an all-time high, with shares in Broadcom Inc. jumping 20% to a record after predicting a boom in demand for its artificial intelligence chips and reaching a $1 trillion market value. Peers Marvell Technology Inc., Micron Technology Inc. and Nvidia Corp. also rose.
Stock markets are also likely to benefit from an interest-rate cut next week, with the Federal Reserve more or less priced to deliver a quarter-point reduction. The S&P 500 has rallied 27% this year, and strategists polled by Bloomberg predict it will outpace European peers again in 2025.
The S&P 500 rose 0.3% as of 9:30 a.m. New York time.
The Nasdaq 100 rose 0.8%.
The Dow Jones Industrial Average rose 0.1%.
Source : Bloomberg
