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As on : 27-Sep-2024

Market Commentary - Foreign Markets
27-Sep-2024 11:53

US stocks regain momentum to end higher

US stocks regained momentum after a brief pause in the previous session and moved back to the upside during trading on Thursday. The major averages gave back ground after an early rally but managed to end the day firmly into positive territory. The S&P 500 rose 23.11 points or 0.4 percent to a new record closing high of 5,745.37, the Dow advanced 260.36 points or 0.6 percent to 42,175.11 and the Nasdaq climbed 108.09 points or 0.6 percent to 18,190.29.

Among stocks, Micron Technology spearheaded the rally, jumping 14.7% after delivering an upbeat earnings outlook, which triggered a wave of gains across the semiconductor sector, with Applied Materials climbing 6.2% and Lam Research advancing 5.4% in response.

On the economic front, US weekly jobless claims dropped to a four-month low, signaling a resilient labor market, while second-quarter GDP growth was confirmed at a solid 3%, easing concerns of a broader economic slowdown. The yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.0 basis point to 3.791 percent.

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