Nasdaq Hits Record High as Tech Stocks Lead Market Gains
The stock market closed on September 21 with all three major indexes posting gains. The Nasdaq Composite set a new record high, climbing 2.26% to 27,122, while the S&P 500 rose 1.49% to 7,765 and the Dow Jones Industrial Average increased by 0.71% to 52,049.
Despite some energy-related components putting pressure on the market, falling crude oil prices supported tech-heavy indexes. Communication and technology stocks led the sector gainers, while energy and basic materials lagged behind.
Advanced Micro Devices (AMD) led the charge with a near 10% jump, pushing its market capitalization to almost $1 trillion. This was driven by accelerating semiconductor demand, as well as optimism about U.S.-China talks on AI safety and heightened expectations for AI hardware demand.
Meta Platforms (META), meanwhile, surged over 11% after its Muse AI agent took the top download spot on Apple's app store. Wells Fargo raised its price target on the stock, contributing to the gain.