Stocks
S&P 500 Shatters 7,800 as Tech Stocks Fuel Rally
The S&P 500 index rose to a new high above 7,800 on Thursday morning as softer producer inflation and falling oil prices boosted risk appetite.
The Dow Jones Industrial Average also advanced, while technology strength led the charge, pushing the Nasdaq Composite ahead of other major indexes.
Major tech stocks like Microsoft, Nvidia, and Apple helped lift the S&P 500 information technology sector by about 1%, with the Philadelphia Semiconductor Index climbing around 2.5% as enthusiasm for AI infrastructure continued to support chip stocks.
The rally follows a strong earnings season, with J.P. Morgan recently raising its year-end S&P 500 target to 8,000, citing stronger earnings and continued investment in artificial intelligence.