Nasdaq Soars to Record Close as Tech Stocks Lead the Charge
The US stock market saw significant gains on September 21, with the Nasdaq Composite (^IXIC) setting a new record close. The tech-heavy index rose by 2.26% to 27,122, while the S&P 500 (^GSPC) climbed 1.49% to 7,764.70 and the Dow Jones Industrial Average (^DJI) increased by 0.71% to 52,049.
The rally was fueled by falling crude oil prices, which supported tech-heavy indexes despite pressure on energy-related Dow components. Communication and technology stocks led the sector gainers, while energy and basic materials lagged behind.
Advanced Micro Devices (AMD) surged almost 10%, reaching an intraday market capitalization of over $1 trillion as semiconductor demand accelerated. Meta Platforms (META) soared over 11% after its Muse AI agent topped Apple's app store download list, with Wells Fargo raising its price target on the stock.
The strong performance in tech stocks was mirrored in crypto assets, including Coinbase Global and Robinhood Markets, which advanced as Bitcoin traded above $87,000 for the first time since January. However, analysts at Morgan Stanley cautioned that further turbulence may lie ahead, warning that the S&P 500 could drop by up to 7% if energy prices increase further and the 10-year Treasury yield remains near 5%.