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Barchart
Barchart
Rich Asplund

Stocks Settle Higher on Upbeat Tech Outlook and Cooling Inflation

On Co Inflation SP United States Nasdaq Bank of England ECB US Federal Reserve Philadelphia Fed

The S&P 500 Index ($SPX) (SPY) on Thursday closed up by +0.79%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +1.51%.  December E-mini S&P futures (ESZ25) rose +0.74%, and December E-mini Nasdaq futures (NQZ25) rose +1.41%.

Stock indexes finished higher on Thursday, led by a rebound in chip stocks following Wednesday’s rout.  Micron Technology, the largest US memory-chip maker, closed up more than +10% to lead chip stocks higher after giving an upbeat forecast for the current quarter, citing surging demand and supply shortages that are allowing the company to charge more for its products.  Strength in the Magnificent Seven technology stocks on Thursday also provided support to the overall market.

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