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Semiconductor stocks rally after US Fed kicks off easing cycle; Nvidia soars 5%, S&P 500 hits record-high | Stock Market News
Source: Live Mint
Semiconductor stocks such as Nvidia rose 4.7%, while Advanced Micro Devices gained 3.5% and Broadcom added 3.8%, sending the Philadelphia SE Semiconductor Index up 3.6%.
Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.
Rate-sensitive growth stocks that have led much of this year’s rally rose. Microsoft added 2%, Tesla gained 4.2% and Apple advanced 2.6%.
