(News Bulletin 247) – After its slight decline the day before, the New York Stock Exchange resumed its upward path on Wednesday, driven in particular by semiconductor manufacturers following encouraging forecasts from Micron.
At the end of the morning, the Dow Jones advanced 0.5% to 32,553 points, while the Nasdaq Composite rose 1% to 11,833.8 points.
The most spectacular performance of the day went to chipmaker Micron Technology, whose share price jumped more than 5% after lackluster results, but prospects deemed more promising.
As expected, falling DRAM and NAND memory prices hurt the group’s performance in the last quarter, but Micron said it expects a return to growth as its customers’ inventories normalize.
‘This suggests that the fundamentals of the sector are not far from touching a low point’, underlines an analyst.
In its wake, Intel wins more than 3% and is among the main catalysts of the Dow Jones, while the SOXX, the index of the semiconductor sector, gains 1.7%.
In Europe, Infineon also raised its guidance due to resilient business momentum in its core automotive and industrials business segments.
From a sector perspective, all S&P indices are in the green, with particularly notable gains for technology and energy, which continues to rebound thanks to the recovery in oil prices.
US light crude oil (WTI) rose 0.9% to 73.8 dollars a barrel, buoyed by signs of a drop in production in the United States amid a drop in weekly crude oil inventories last week.
The return of appetite for risky assets favors the rise in yields of Treasury bonds: that of ten-year securities shows a symbolic increase of 0.4 basis point to 3.5680%.
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