US Stocks Near Record High as Chip Stocks Roar, Payrolls Beat
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergUS stocks were on track for a record closing high, buoyed by semiconductor stocks, strong monthly payrolls figures and a US-Iran ceasefire that appeared intact even with overnight clashes near the Strait of Hormuz.
The S&P 500 Index rose 0.7% at 11:20 a.m. in New York, with five of 11 sectors in the green, led by tech. The Nasdaq 100 Index climbed 1.7%. Heavyweight chip stocks Nvidia Corp., Micron Technology Inc. and Qualcomm Inc. rose, with Micron up more than 10%, while the Philadelphia Semiconductor Index, known as the SOX, rose as much as 3.9% to an intraday record.