Tech Stocks Fuel Wall Street Rally Amid Easing Rate Hike Worries
Wall Street ended on a high note as investors' concerns about an imminent Federal Reserve rate hike eased. The S&P 500 notched its highest close yet, buoyed by advances in tech stocks such as Sandisk and Micron Technology.
The memory chip makers surged 13.7% and 4.2%, respectively, while Microsoft added nearly 1% and Meta Platforms rose 2.8%. In contrast, AI cloud company CoreWeave dipped 1.3% after its stock jumped 19% the previous day following a raised annual capital spending forecast.
The strong forecasts from companies like Microsoft and Amazon have alleviated investors' fears about massive spending on AI data centers. The S&P 500 climbed 0.65% to end at 7,798.99 points, surpassing its record high close last Friday, while the Nasdaq gained 0.81% to 26,803.03 points and the Dow Jones Industrial Average rose 0.13% to 53,839.99 points.