Nasdaq closes sharply higher, led by chip stocks
Applied Materials, Inc. AMAT | 0.00 | |
Meta Platforms META | 0.00 | |
Sandisk Corporation SNDK | 0.00 | |
Micron Technology, Inc. MU | 0.00 | |
Microsoft Corporation MSFT | 0.00 |
July 9 (Reuters) - The Nasdaq closed sharply higher on Thursday after Micron Technology led a rally in chip stocks, overshadowing concerns that renewed attacks between the United States and Iran could prolong the conflict in the Middle East and fuel inflation.
Tehran said it targeted US military sites in Kuwait, Qatar and Bahrain following US strikes on Iran on Wednesday.
Shares in Micron Technology jumped after the company announced plans to invest more than $250 billion in the United States through 2035, to capitalize on demand for memory chips to meet the huge demand in the field of artificial intelligence.
"The AI market is still very much on the upside," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. "It's starting to expand a little, but that depends on oil prices and interest rates staying steady," he added, noting renewed tensions in the Middle East.
Preliminary data showed the S&P 500 rising 59.12 points, or 0.79 percent, to 7,541.83, the Nasdaq Composite climbing 328.11 points, or 1.27 percent, to 26,198.76, and the Dow Jones Industrial Average gaining 133.31 points, or 0.25 percent, to 52,481.70.