Stocks in the United States rose today, but the S&P 500 index erased all its gains towards the end of trading and the Nasdaq index performed similarly. However, the Dow Jones index closed at a new record. Market sentiment was boosted today by a rise in shares of chip companies thanks to an upbeat forecast from TSMC and a report on retail sales in the US.
Dow jones and chips
The Dow Jones index rose 161.35 points, or 0.37 percent, to 43,239.05 points. The broader Standard & Poor’s 500 index eventually fell marginally by one point, or 0.02 per cent, to 5,841.47 points. The Nasdaq technology market index rose 6.53 points, or 0.04 percent, to 18,373.61 points.
Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, today posted earnings results that beat expectations. It also predicted sharp revenue growth in the fourth quarter. The company is being helped by demand for artificial intelligence chips. The news sparked a rise in TSMC’s U.S.-listed shares, but shares of its customer Nvidia and other chipmakers also strengthened.
Currencies
The US dollar strengthened against a basket of currencies today. It was helped by the US retail sales report for September, which boosted confidence that the US economy remains strong. The dollar index, which tracks the dollar’s performance against a basket of six leading world currencies, rose 0.2 percent to 103.8 points.
The euro weakened 0.3 percent against the dollar to $1.0828. The dollar rose 0.4 percent to JPY150.22 against the yen. The euro strengthened 0.1 percent to JPY162.66.
source: ÄŒTK
