Wall Street Rises Despite Oil's Sharp Decline

September 27, 2024 01:48 AM HKT | By Team Kalkine Media
 Wall Street Rises Despite Oil's Sharp Decline
Image source: Shutterstock

Headlines

  • U.S. stocks rose on Thursday, with Micron Technology and Jabil leading the gains.
  • Exxon Mobil and other oil companies limited the market’s overall progress due to falling oil prices.
  • China’s economic stimulus fueled optimism in global markets, boosting overseas indexes.

U.S. stocks advanced on Thursday, supported by gains in the tech and electronics sectors, while financial markets worldwide rallied. The S&P 500 rose modestly, flirting with another milestone this week, while the Dow Jones Industrial Average and Nasdaq also showed positive movement.

Micron Technology (NASDAQ:MU) stood out, driven by its strong performance in the latest quarter, supported by demand for artificial intelligence-related technology. Jabil also posted solid results, announcing plans to allocate significant funds back to shareholders. However, declines in oil prices affected companies like Exxon Mobil, which weighed on the market's overall gains.

Oil prices took a hit following reports that Saudi Arabia might increase output, causing declines in stocks of major oil companies. Meanwhile, Super Micro Computer, a major player in AI, saw a drop after facing scrutiny over its financial practices.

Globally, optimism grew in response to China's economic initiatives, with markets overseas rallying on the hope for further support for economic growth.


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