S&P 500 Hits New High on Economic Optimism and Tech Boost

2 min read | September 26, 2024 10:15 AM PDT | By Team Kalkine Media

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S&P 500 Hits New High on Economic Optimism and Tech Boost — Image source: Shutterstock

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The S&P 500 achieved a new high following encouraging U.S. economic data and tech stock strength.

Micron Technology saw a significant surge, boosting semiconductor-related stocks like Applied Materials and Lam Research.

Positive economic indicators, including lower weekly jobless claims, supported confidence in economic stability.

Stocks advanced Thursday, bouncing back after a mixed session due to positive U.S. economic data. The S&P 500 increased by 0.3%, reaching a new record, driven by gains in Micron Technology. The Nasdaq Composite added 0.5%, while the Dow Jones Industrial Average rose by 250 points, or 0.6%.

Micron Technology (NASDAQ:MU) traded 12% higher after issuing strong guidance for the current quarter, with its fiscal fourth-quarter results surpassing expectations. Other semiconductor-related stocks, including Applied Materials and Lam Research, also experienced a rise of 5%.

A series of positive economic reports bolstered optimism about the economy, helping ease concerns over potential rate cuts by the Federal Reserve. Weekly jobless claims fell more than anticipated, signaling a stable labor market. Additionally, durable goods orders for August remained unchanged, contrary to the predicted decline, and the final second-quarter GDP reading held steady at 3%.

While there has been some volatility, with both the S&P 500 and the Dow pulling back on Wednesday after strong performances, Thursday’s gains restored momentum. Positive data continues to support hopes for a soft landing for the economy.

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