Upbeat chip stocks catapult S&P 500 & Nasdaq to record closure

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Upbeat chip stocks catapult S&P 500 & Nasdaq to record closure

On Wednesday, the 24th of July 2019, both Standard & Poor 500 and Nasdaq had mushroomed to record closing highs on chip stocks’ rallies, while a disappointing quarterly earnings’ report of construction machinery and equipment company Caterpillar and the world’s largest planemaker, Boeing Co.’s biggest-quarterly loss ever had weighed on Dow Jones Industrial Average.

In fact, on Wednesday’s (July 24th) market, shares of Texas Instrument Inc., a Dallas-based semiconductor maker climbed 7.4 percent after the company had announced that a global-scale slowdown in chipmaking sector might not be as grievous as it was predicted, lifting the Philadelphia Chip index .SOX 3.1 percent to an all-time-high, while expressing cautious optimisms over US chipmakers’ outlook for the second half of the year, an investment strategist at Robert W.

Baird in Milwaukee, Willie Delwiche said, “Semiconductor investors are looking past right now and saying that maybe in the second half of this year, economic concerns will start to abate a little”. Quoting statistics, on Wednesday’s (July 24th) Wall St.

closing bells, S&P 500 added 0.47 percent to reach a record 3,019.56 and Nasdaq surged 0.85 percent to an all-time closing high of 8,321.50, while Dow shrugged off 0.29 percent to wind down the day at 27,269.97 following 3.1 percent plunge of Boeing Co.

on 737 Max grounding alongside a 4.48 percent nosedive of Caterpillar Inc. on weaker sales amid an escalated trade tension between Washington and Beijing.