Wall Street's main indexes advanced on Thursday, lifted by hopes that technology giants might dodge President Donald Trump's newest tariffs on chip imports.
Apple's (AAPL.O), opens new tab shares climbed 2.4%, having risen 5.1% and led gains on Wall Street in the prior session, after Trump said the iPhone maker will invest an additional $100 billion in the U.S., bringing its total commitment to $600 billion over the next four years.
Trump also announced a tariff of about 100% on imports of semiconductors but said it would not apply to companies that are manufacturing in the U.S. or have committed to do so.
Shares of chipmakers Nvidia (NVDA.O), opens new tab and Broadcom (AVGO.O), opens new tab rose 1.3% each, while peer Advanced Micro Devices (AMD.O), opens new tab advanced 3%.
The tech sector (.SPLRCT), opens new tab emerged as the top performer, gaining 1.1%, while the healthcare sector (.SPXHC), opens new tab fell to the bottom.
Eli Lilly (LLY.N), opens new tab dropped 11.2% after reporting data on its late-stage oral weight-loss drug. The drugmaker also raised its full-year profit forecast.
At 9:36 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 263.08 points, or 0.60%, to 44,456.20, the S&P 500 (.SPX), opens new tab gained 37.82 points, or 0.60%, to 6,382.88 and the Nasdaq Composite (.IXIC), opens new tab gained 177.85 points, or 0.84%, to 21,347.27.
Source: Reuters
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