[New York Stocks] Rally extends as Fed holds rates steady; SKHY surges 13%

[Financial News]  

New York stocks continued their upward trend on the 28th (local time).
Although the U.S. Federal Reserve (Fed) signaled further rate hikes, its decision to hold the benchmark rate at 3.75%–4.0%, as expected, at that day's Federal Open Market Committee (FOMC) meeting triggered buying. The tech-heavy Nasdaq Composite rebounded immediately after the FOMC statement was released.
SK hynix's robust earnings also fueled gains in memory stocks. Oracle, which has built large-scale artificial intelligence (AI) data centers and evolved into a hyperscaler, further boosted the rally with an upbeat outlook that sent its stock soaring nearly 11%.

The Dow Jones Industrial Average closed up 97.53 points (0.19%) at 52,475.10.
The tech-heavy S&P 500 and Nasdaq Composite rose 0.28% and 0.27%, respectively. The S&P 500 closed up 21.38 points at 7,743.98, while the Nasdaq gained 72.04 points to finish at 26,549.85.
The Nasdaq-100, comprising 100 large-cap tech stocks, closed up 161.72 points (0.55%) at 29,813.16, nearing a return above 30,000. TQQQ, a leveraged exchange-traded fund (ETF) that tracks three times the index's daily move, closed up $1.32 (1.86%) at $72.36.

Semiconductor stocks generally performed well, with memory stocks particularly strong.
SK hynix's American depositary receipt (ADR) soared $19.34 (13.30%) to $164.70.
Micron surged $54.47 (5.96%) to $983.23, while SanDisk jumped $99.93 (7.66%) to $1,404.77.
Intel closed up $1.79 (1.91%) at $95.53, while Broadcom gained $9.48 (2.77%) to finish at $351.81.
Nvidia, the sector's leading stock, slipped $2.56 (1.17%) to $215.38.
The DARM ETF, which tracks memory stocks, jumped $3.51 (6.95%) to $54.03.
The SOXL ETF, which tracks three times the daily share-price moves of 30 major semiconductor stocks, rose $6.31 (6.24%) to $107.39.

Big Tech stocks were weak ahead of quarterly earnings reports.
Apple closed down $3.27 (0.94%) at $343.83, while Palantir fell $1.92 (0.97%) to $196.81.
Tesla ended down $3.24 (0.80%) at $404.22, while SpaceX closed down $3.35 (2.25%) at $145.23.
Alphabet, by contrast, jumped $4.31 (1.34%) to $324.89.

[email protected] Song Kyung-jae Reporter