US stock indices have rallied, with the Nasdaq's 1.9 per cent advance boosted by gains in semiconductor shares while inflation fears eased after the US and Iran signed a peace agreement, although investors still priced in interest rate hikes this year from the Federal Reserve.
The Philadelphia semiconductor index sharply outperformed the rest of the market with a 6.4 per cent rally as Intel's shares jumped to a record high and finished up 10.6 per cent.
US President Donald Trump said iPhone maker Apple had agreed to work with Intel to design and manufacture its chips in the US.
