The Dow closed 269.24 points positive, Wall Street closed at a new high for a second day after the Fed sent a signal to cut interest rates – chip stocks rose to support the market.

All three of Wall Street's major stock indexes closed at record levels for the second straight day on Thursday (March 21), with the Dow closing 269.24 points higher in response to the central bank's press conference, Reuters reported. The Fed has indicated it will cut interest rates three times this year, including support from stocks in the group of semiconductor chip producers that have increased. Responding to Micron Technology's strong performance.

The Dow Jones Industrial Average closed up 269.24 points, or 0.68%, to 39,781.37 points, the Standard & Poor's 500 index closed up 16.91 points, or 0.32%, to 5,241.53 points, and the Nasdaq index closed up 32.43 points, or 0.20%, to 16,401.84 points. . points.

All three major indices also reached record levels in early trading yesterday. Through the Dow Jones index closed less than 1% of the 40,000 level for the first time.

Micron Technology shares closed up more than 14% after hitting an all-time high. This was supported by the announcement of stronger than expected quarterly results. And third-quarter revenue expectations were higher than analyst estimates.

Broadcom shares closed up 5.6% after TD Cowen raised its credit rating to “outperform,” Nvidia shares rose more than 1%, while the stock market semiconductor index rose 5.6%. The Philadelphia Semiconductor Index rose by 2.3%.

Major indexes on Wall Street closed at a record high on Wednesday. After Mr. Jerome Powell, Chairman of the Federal Reserve, announced the policy of freezing interest rates, he is ready to indicate that interest rates will be reduced 3 times this year, explaining during the press conference that inflation numbers in the United States were higher than expected, and this did not change the Fed’s view that inflation It will gradually slow to its target of 2%. Although this path may not be smooth.

While US economic data was published today, the number of Americans applying for unemployment benefits for the first time was lower than expected last week. Meanwhile, used home sales increased by the most in a year in February. It sends a signal that the first quarter US economy remains strong.

Nine of the 11 stocks included in the S&P 500 closed in positive territory. Led by the industrial stock index, which rose by 1%, while the stocks that declined the most were utility stocks, which fell by 0.2%, while communications services stocks fell by 0.17% after shares of Alphabet, the parent company of Google, fell by 0.8%.

Goldman Sachs shares closed up 4.4%, which helped support the Dow Jones Index. Meanwhile, banking stocks in the Standard & Poor's 500 rose 1.7%, and Apple shares closed 4.1% lower after the US Department of Justice announced an order to prosecute violations of antitrust laws in the smartphone market.

Shares of IT services company Accenture fell 9% after cutting its fiscal 2024 revenue forecast due to economic uncertainty. As a result, clients will reduce their spending on consulting services. Reddit shares closed at $50.44 after the first day of trading on Wall Street, at $47 per share, well above its initial public offering (IPO) price of $34.

Origin Reuters