

Market Analysis
The S&P 500 reached a record closing high on Thursday, while the Dow and Nasdaq also saw gains, driven by a surge in Micron Technology (NASDAQ: MU) and positive U.S. jobless claims data that eased labor market concerns.
Micron Technology shares soared 15.78% after the memory chip manufacturer projected first-quarter revenue that exceeded expectations, signaling strong demand for memory chips used in AI computing.
The Philadelphia Semiconductor Index rose 3.77%, with most chip stocks following suit in the rally.
A series of solid U.S. economic reports allayed fears that the Federal Reserve might aggressively reduce interest rates to combat a potential economic slowdown.
Weekly jobless claims fell more than expected, reflecting a stable labor market. Meanwhile, the final reading of the second-quarter GDP confirmed that the U.S. economy grew by 3%.
"The GDP data reinforces the robust economic growth we've been witnessing," said Mike Dickson, head of research at Horizon Investments in Charlotte, North Carolina.
The S&P 500 ended the day 23.11 points higher, or 0.40%, closing at 5,745.37, after hitting an intraday high of 5,767.37.
The Dow Jones Industrial Average gained 260.36 points, or 0.62%, to finish at 42,175.11, while the Nasdaq Composite added 108.09 points, or 0.60%, to close at 18,190.29.
Seven of the 11 sectors in the S&P 500 advanced, with materials leading the gains at 1.97%.
Both the S&P 500 and Dow have hit multiple record highs this year, while the tech-heavy Nasdaq is roughly 2% away from its own record. Market rallies have been fueled by optimism around AI and expectations of lower interest rates.
Metal prices also climbed after China pledged "necessary fiscal spending." Copper miners, including Freeport-McMoRan (NYSE: FCX), saw a 7.45% rise, while lithium miners such as Albemarle (NYSE: ALB) and Arcadium gained 9.92%.
"The market is being driven by Chinese stimulus, particularly the government's commitment to boosting consumer health and alleviating real estate pressures," Dickson added.
However, energy stocks fell 2%, reflecting a decline in oil prices amid expectations of increased supply from OPEC.
The Russell 2000 index, which tracks small-cap stocks, outperformed the broader market with a 0.62% increase.
On Wednesday, Federal Reserve Governor Adriana Kugler voiced strong support for the central bank's recent decision to begin monetary policy easing.
Investors are now favoring a larger rate cut, with expectations of a 50-basis-point reduction increasing, according to CME Group's (NASDAQ: CME) FedWatch Tool, up from 38.8% a week ago.
U.S.-listed Chinese companies performed well, with Li Auto (NASDAQ: LI) up 7.13%, PDD Holdings (NASDAQ: PDD) gaining 13.28%, and Alibaba (NYSE: BABA) rising 10.08%.
Wells Fargo shares increased 5.19% after a report revealed the bank had submitted a review to the Fed for lifting asset cap restrictions.
Southwest Airlines (NYSE: LUV) jumped 5.42% after raising its third-quarter revenue forecast, while Accenture (NYSE: ACN) climbed 5.57% following a better-than-expected annual revenue forecast.
On the NYSE, advancing stocks outnumbered decliners by a ratio of 1.94-to-1. There were 626 new highs and 71 new lows on the exchange.
The S&P 500 recorded 50 new 52-week highs and two new lows, while the Nasdaq posted 95 new highs and 94 new lows.
Trading volume on U.S. exchanges totaled 12.46 billion shares, surpassing the 11.82 billion average for the past 20 trading days.
Paraphrasing text from "Reuters" all rights reserved by the original author.