Wall Street Soars: AI and Economic Optimism Drive Records

Wall Street's key indexes surged, with the S&P 500 hitting a record high. The rally was fueled by Micron Technology's significant gains and strong U.S. jobless claims data. Positive economic indicators and market optimism around AI and lower interest rates contributed to the upward trend.

Wall Street's main indices surged on Thursday, propelling the S&P 500 to a record high. This uptick was largely driven by a 15.33% jump in Micron Technology shares, responding to stronger-than-expected Q1 revenue projections amid robust demand for AI computing memory chips.

Boosting market confidence were favorable U.S. economic indicators, including a stronger-than-anticipated drop in weekly jobless claims and a confirming GDP growth of 3% for Q2. The Philadelphia SE Semiconductor index climbed 3.53% as chip stocks rallied.

Market optimism was bolstered further by Chinese fiscal stimulus pledges, which particularly benefited materials and metals sectors. While most sectors gained, energy stocks dipped following expectations of increased crude supply from OPEC. Investors are also eyeing the Fed's upcoming interest rate cuts with significant anticipation.

(With inputs from agencies.)