2024-03-21 15:34:47
Wall Street’s major indexes opened today’s trade with significant gains, continuing their upward momentum from the previous trading session. Investors welcomed the Federal Reserve’s message last night, after the institution left its key interest rates at the levels reached, that three rate cuts are ahead by the end of the year, CBS reported.
The Dow Jones industrial average rose 208.26 points, or 0.53 percent, to 39,720.39 in early trading.
The broader Standard & Poor’s 500 added 34.29 points, or 0.66 percent, to 5,258.91.
The tech Nasdaq was up 161.98 points, or 0.99 percent, at 16,531.38. Technology stocks were the best performers.
Shares of semiconductor maker Micron Technology jumped more than 16 percent after the company reported better-than-expected earnings.
The U.S. automaker reported an adjusted profit of $793 million, or 42 cents per share, compared with a net loss of $2.3 billion in the same period last year. Revenue came in at $5.82 billion in the quarter ended Feb. 29, up from $3.69 billion in the year-ago quarter.
Micron Technology has announced that all of its artificial intelligence chips planned for production this year have already been sold. Most of the sales for 2025 have also been realized.
Shares of “Micron Technologies” have jumped by more than 60 percent in the last 12 months, supported by investor confidence that the company will increase its market share and achieve high margins this year and next, BTA writes.