The stock market kept breaking records on Thursday as the Dow Jones Industrial Average came close to reaching 40,000 and technology shares gained significantly.
The Dow increased by almost 350 points, or 0.9 percent, bringing it close to the important 40,000 mark. On the same day, the S&P 500 and Nasdaq composite rose by 0.6 percent and 0.7 percent, respectively.
The microchip industry led the way, supporting the Dow despite a decrease in Apple stock after being sued by the Justice Department for harming competition and consumers, developers, and small businesses.Micron Technology surged by 16 percent following better-than-expected earnings. The semiconductor industry as a whole is doing well, with the VanEck Semiconductor ETF rising by 3 percent, Marvell Technology and Taiwan Semiconductor increasing by around 2 percent, and Nvidia and Intel going up by 1 percent.
Apple's stock dropped by over 4 percent, while tech giants Microsoft, Amazon, and Meta all saw an increase of around 1 percent.
On Thursday, Reddit also entered the market after pricing its initial public offering at $34 a share, which was on the higher end of its expected range. This marks the first major social media offering since Pinterest went public in 2019.
The rally on Thursday followed a successful day on Wednesday, where all three indexes reached new highs after the Federal Reserve indicated that it still anticipates three interest rate cuts this year, despite leaving borrowing rates unchanged.
Traders do not anticipate a rate cut when the Federal Open Market Committee, which is responsible for setting rates, meets again in May. However, they have factored in an almost 70 percent probability of a rate cut in June, according to the
CME FedWatch Tool ..
