The S&P 500 closed today’s session at a new all-time high, despite initial nervousness and after the new economic statistics announced in the USA.
THE S&P 500 rose 0.4% to 5,745.37 points, led by gains in Micron Technology. It also reached an all-time high during the session. THE Nasdaq strengthened by 0.6% to end at 18,190.29 units, while the Dow Jones Index closed with gains of 260.36 points or 0.62%, at 42,175.11 points.
Micron shares rose 14.7% after the chipmaker raised its quarterly revenue guidance. By 4% and 5%, respectively, holdings in the semiconductor field Applied Materials and Lam Research increased.
A range of economic statistics pointed to a strong economy, alleviating fears that the Federal Reserve is aggressively cutting interest rates in a slowdown.
Jobless claims fell more than expected, showing a stable job market. Durable goods orders held steady despite analysts’ expectations of a decline. Furthermore, the final US GDP numbers for the second quarter remained unchanged at 3%.
“If there is a problem in the job market, it is certainly not reflected in the current data on unemployment insurance claims. Market sentiment will be much better captured by employment data. But until there are indications otherwise, the numbers still point to a soft landing,” says Chris Larkin, managing director at E-Trade.
Stocks in the cryptocurrency space rose after bitcoin surpassed $65,000. Coinbase shares rose 8% for the session, their biggest gain since July 19.