S&P 500 Surpasses 7,800 Amid Tech-Led Rally
The US stock market continued its upward trend Thursday morning, with the S&P 500 surpassing 7,800 for the first time and setting a new intraday record. The Dow Jones Industrial Average also rose, while technology stocks led the way.
At around 10:30am ET, the S&P 500 was trading near 7,802, up about 0.7%, with the Dow Jones at around 54,019, a gain of approximately 0.45%. The Nasdaq Composite outperformed the other major indexes as investors returned to large technology and semiconductor stocks.
Technology companies such as Microsoft, Nvidia, and Apple contributed to the S&P 500's rise in the information technology sector, which gained around 1%.
The Philadelphia Semiconductor Index climbed about 2.5%, driven by enthusiasm for AI infrastructure.
The rally follows a strong earnings season, with J.P. Morgan recently raising its year-end S&P 500 target to 8,000 due to stronger earnings and continued investment in artificial intelligence.