NEW YORK – Wall Street stocks rallied on Jan 19, boosted by the tech sector, with the S&P 500 and Dow hitting fresh records.
The broad-based S&P 500 advanced 1.2 per cent to close at 4,839.81, surpassing its last all-time high set in 2022.
The Dow Jones Industrial Average gained 1.1 per cent at 37,863.80, also reaching new heights, while the tech-heavy Nasdaq Composite Index surged 1.7 per cent to end at 15,310.97.
“The tech stocks are continuing to lead the market higher,” said Mr Adam Sarhan, of 50 Park Investments.
“You have explosive action in SMCI, in Nvidia, in Broadcom, in semiconductors in general, and that remains bullish for the market,” he said.
SMCI shares rocketed 35.9 per cent, Nvidia climbed 4.2 per cent and Broadcom added 5.9 per cent.
But Jose Torres of Interactive Brokers warned in a note on Friday that the “recent market rally lacks broad participation.”
The latest jump comes after economic data showing that high mortgage rates and limited inventory dragged US existing home sales to the lowest annual level since 1995.
But in an encouraging sign, a University of Michigan gauge showed Americans are becoming more positive about the economy, with consumer sentiment rising 13 per cent in January – the highest level in nearly two and a half years.
“The key takeaway from the report is that the increase in sentiment was accompanied by another drop in year-ahead inflation expectations, which have returned to a level not seen in three years,” said Briefing.com, in a note. AFP