Wall Street Gains Amid AI Optimism and Strong Job Data

Wall Street's main indexes rose on Thursday, driven by optimism around AI and positive jobless claims data. Micron's positive outlook and strong job numbers boosted investor sentiment. Chip stocks surged, with major companies like Nvidia and AMD seeing gains. Overall, the S&P 500 hit a record high, and technology stocks led the rise.

Wall Street's key indexes surged on Thursday, with the benchmark S&P 500 achieving a record high. The upswing was fueled by Micron Technology's positive revenue forecast that revitalized enthusiasm for artificial intelligence, along with a labor market report showing lower-than-expected jobless claims.

Micron soared 17.3% following its robust forecast, which propelled other chip stocks including Nvidia, Advanced Micro Devices, and Broadcom. The Philadelphia SE Semiconductor index saw a notable increase of 3.7%, reaching levels not seen for over two months.

Meanwhile, comments from Federal Reserve Governor Adriana Kugler supporting monetary policy easing helped strengthen market sentiment, with traders now anticipating a higher likelihood of a significant rate cut in November. Energy stocks lagged, reflecting a dip in crude prices. The optimism extended across sectors, including notable advances in materials and technology stocks.

(With inputs from agencies.)