Breaking News: S&P 500 Hits Another Record High as Micron Surges and Economic Data Boosts Sentiment
In a major milestone, the S&P 500 reached a new closing record on Thursday, driven by a surge in chip stocks led by Micron and positive economic data. At 4:00 p.m. ET, the S&P closed at 5,743.73, up 0.5%. The Dow Jones gained 0.6%, while the Nasdaq rose 0.7%.
Micron soared nearly 15% after delivering strong earnings fueled by AI demand, boosting chip stocks and the broader market. Meanwhile, Super Micro Computer slumped on news of a Department of Justice probe. Southwest Airlines lifted guidance, leading to a 5% increase in its stock.
Positive economic data, including durable goods orders and falling jobless claims, supported optimism for a soft landing. GDP data remained steady at a 3.0% gain in the final Q2 report. This data, along with the upcoming inflation gauge report, will likely influence the Fed's monetary policy decisions.
China tech stocks, including Alibaba, JD.com, and Baidu, rallied on Beijing's pledge to provide fiscal stimulus to boost the economy and meet growth targets.
In conclusion, the record high in the S&P 500, strong performances in chip and tech stocks, along with positive economic indicators, signal a favorable outlook for investors. It is essential for individuals to stay informed about market trends and economic developments to make informed decisions about their finances.