FX.co ★ Tech Rally Pushes US Stocks Higher

On Thursday, the US stock market experienced an upward trend, with the S&P 500 increasing by 0.6%, the Nasdaq advancing 0.8%, and the Dow Jones climbing approximately 200 points. The technology sector notably propelled these gains, spurred by a strong rally following Taiwan Semiconductor Manufacturing Company’s report of a remarkable 35% increase in fourth-quarter profits. Additionally, the company’s optimistic revenue growth projection has contributed to bolstered confidence in the enduring potential of artificial intelligence. In this sector, Nvidia appreciated by 2%, Broadcom rose by 1.3%, AMD experienced a 3.8% increase, Micron Technology saw a 2.5% gain, Applied Materials surged by 8%, and Lam Research jumped by 7.5%. Bank earnings attracted significant attention as well. Although Goldman Sachs exceeded earnings expectations, its revenue fell short; nevertheless, its shares rose by 1.8%. Morgan Stanley advanced by 3.3%, while BlackRock saw a 3.7% increase after outperforming projections for both earnings and revenue. Additionally, labor market data indicated its continued resilience in the US, and there was a rebound in New York state factory activity.