New York Stocks Rebound After Four Days as Oil Prices and Treasury Yields Fall; Semiconductor Shares Surge

[Financial News]  

The New York stock market successfully rebounded after four days on the 17th (local time). It shook off the impact of a rate hike by the Federal Reserve System (Fed) in just one day. Investor sentiment recovered as international oil prices and U.S. Treasury yields fell.
Semiconductor shares led the gains, with the Direxion Daily Semiconductor Bull 3X Shares (SOXL), a leveraged exchange-traded fund (ETF) that tracks three times the daily moves of 30 major semiconductor stocks, soaring 10.4%.

Stocks shook off the sell-off triggered by the Fed's rate hike in a single day.
The Dow Jones Industrial Average rose 317.95 points, or 0.62%, from the previous session to close at 51,779.85.
The tech-heavy Standard & Poor's 500 Index (S&P 500) and Nasdaq both jumped more than 1%.
The S&P 500 rose 85.95 points, or 1.14%, to 7,637.76, while the Nasdaq surged 439.87 points, or 1.69%, to 26,418.30.
The Nasdaq-100, comprising 100 large technology stocks, jumped 501.92 points, or 1.73%, to close at 29,446.98. The ProShares UltraPro QQQ (TQQQ), an ETF that tracks three times the Nasdaq-100's daily movement, surged $3.45, or 5.08%, to $71.38.
The Chicago Board Options Exchange (Cboe) Volatility Index (VIX), known as Wall Street's fear gauge, plunged 2.20 points, or 12.43%, to 15.51.

Semiconductor shares led the gains.
Concerns that the artificial intelligence (AI) investment boom could lose steam eased after NVIDIA CEO Jensen Huang optimistically forecast that chip sales would double next year.
NVIDIA rose $5.44, or 2.54%, to $219.34, while Micron surged $50.95, or 5.50%, to $977.50.
SanDisk surged $94.42, or 6.21%, to $1,614.39, while SK hynix American depositary receipts (ADRs) rose $8.12, or 4.64%, to $182.99.
The Philadelphia Semiconductor Index (SOX) surged 353.38 points, or 3.14%, to 11,599.49.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL) soared $10.76, or 10.35%, to $114.73.

Big Tech shares also rose across the board.
Alphabet rebounded, closing up $4.46, or 1.30%, at $347.33. Apple also extended its gains, finishing up $4.59, or 1.38%, at $337.00.
Palantir Technologies rose $1.90, or 1.09%, to $176.24, while Microsoft (MS) gained $7.45, or 1.52%, to close at $497.75.
Elon Musk's Tesla and SpaceX also rose together.
Tesla rose $8.12, or 2.27%, to $366.20, while SpaceX gained $3.93, or 2.60%, to close at $154.81.

[email protected] Song Kyung-jae Reporter