US stocks rose on Wednesday (September 24), paring losses from the previous session as the market assessed the prospects for returns on large investments in artificial intelligence and the outlook for long-term US interest rates.
The S&P 500 and Nasdaq 100 rose 0.3%, while the Dow Jones Industrial Average rose 100 points. Companies in the AI sector rose sharply after Alibaba announced plans to increase AI spending beyond the $50 billion initially promised. The Chinese tech giant's depositary receipts (DRPs) jumped 8%, while Nvidia and MetaTrader 5 each rose nearly 1%. Meanwhile, Oracle fell 0.5% after reports that it was seeking to raise $15 billion in new debt.
Micron also fell 1% despite reporting better-than-expected earnings results. Meanwhile, investors continued to monitor comments from Fed Chair Powell, who pointed to ongoing risks in the labor market and inflation while warning that equity valuations remain high. (alg)
Source: Trading Economics
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