The index industrial Dow Jones gained 1.1% on Wall Street and closed at 37,863.80 points, while the broadened S&P 500the most representative of the market, rose to 4,839.80 units (+1.23%), surpassing its last record from January 2022.
The technology-majority Nasdaq composite rose 1.7% and ended at 15,310.97.
“Tech stocks continue to lead the market’s rise,” said Adam Sarhan of 50 Park Investments.
“There is explosive action in SMCI (Super Micro Computer), in Nvidia, in Broadcom, in semiconductors in general, and that is still bullish for the market,” he said.
SMCI shares soared 35.9%, Nvidia shares soared 4.2% and Broadcom shares soared 5.9%.
However, José Torres of Interactive Brokers warned in a note on Friday that “the recent market rally lacks broad participation.”
The new development comes after economic data showed that high mortgage rates and limited inventory dragged existing home sales in the United States to the lowest annual level since 1995.
“There is now a sharp drop in expectations of year-on-year inflationwhich have returned to a level not seen in three years,” consultancy Briefing.com said in a statement.
Source: With information from AFP.
