[New York Stock Market] Nasdaq Hits Intraday Record High; NVIDIA and AMD Reach All-Time Highs

[Financial News]  

The three major New York stock market indexes posted strong gains on the 2nd (local time). The Nasdaq Index briefly reached an all-time intraday high.
The catalyst for the stock market rally was the U.S. Department of Labor's September employment report, which showed that the number of new jobs came to just 29,000 and the unemployment rate rose to 4.2%.
With inflation slowing and employment indicators also proving weak, investors judged that the Fed was more likely to keep interest rates unchanged this month, fueling the stock market rally. According to the CME Group's FedWatch Tool, the interest-rate futures market put the probability that the Fed would hold its policy rate at 3.75%-4.0% at 77.3% at the FOMC meeting on the 27th and 28th of this month.

The Dow Jones Industrial Average gained 250.40 points (0.49%) from the previous session to close at 51,176.96, while the S&P 500 rose 56.27 points (0.73%) to 7,722.72. The Nasdaq Index climbed 319.27 points (1.19%) to 27,190.86.
The Nasdaq surged as high as 27,353.68 intraday, surpassing the all-time closing high of 27,244.28 set on the 22nd of last month. It also exceeded the intraday all-time high of 27,288.79 recorded at that time, setting a new intraday record.
The Nasdaq-100 Index, comprising 100 large-cap technology stocks, closed up 306.37 points (1.00%) at 30,807.93. TQQQ, a leveraged exchange-traded fund that tracks three times the index's daily movement, rose $2.28 (2.90%) to $81.01.
On a weekly basis, only the Nasdaq Index posted a gain, rising 0.45%. The Dow Jones Industrial Average fell 1.26% for the week, while the S&P 500 declined 0.27%.

Tesla and SpaceX, both led by CEO Elon Musk, rose sharply.
SpaceX's successful delivery of four astronauts to the International Space Station (ISS) and deployment of a Google satellite into orbit the previous day sent its stock soaring. The stock jumped $10.89 (7.35%) to $158.96.
Tesla's stock rose sharply on better-than-expected quarterly delivery figures. Third-quarter deliveries totaled 486,532 vehicles, far exceeding both the second-quarter figure and market expectations. As analysts said Tesla appeared to be emerging from the EV winter, the stock surged $16.48 (4.65%) to close at $370.59.

NVIDIA rose $3.09 (1.34%) to close at $233.95, setting a new all-time high as some experts said the rally was only beginning.
AMD surged $18.18 (2.95%) to close at $633.91, setting a new all-time high.
Micron fell $22.50 (2.05%) to $1,074.89, while Western Digital (WDC) plunged $47.27 (10.22%) to $415.29. Even so, the semiconductor sector broadly maintained strong momentum amid a run of all-time highs.
The Philadelphia Semiconductor Index (SOX) gained 307.67 points (2.40%) to close at 13,136.67. SOXL, a leveraged ETF that tracks three times the index's daily movement, surged $9.98 (6.49%) to $163.67.

[email protected] Song Kyung-jae Reporter