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Wall St ends higher, led by Nasdaq, chipmakers

STORY: U.S. stocks surged on Thursday, bouncing back from a sharp fall in the previous session, as investors snapped up beaten-down chipmakers and big tech names and as oil prices dropped. The Dow and S&P 500 rose 1.02% and 1.43%, respectively, and the Nasdaq ended 1.93% higher.Zachary Hill is Head of Portfolio Management at Horizon Investments.”The parts of the market that have been underperforming so far this year – U.S. technology, megacap tech and the Nasdaq – they tend to lead on these days where markets are up. And, certainly, we saw that last week in the rally post-Fed meeting and we also see that in today’s price action.”Shares of Nvidia ended 9.82% higher on Thursday, rising along with other chipmakers including Intel and AMD to help to boost the Nasdaq.Tech titans including Microsoft, Google-parent Alphabet, Facebook-owner Meta Platforms and Apple also saw big gains Thursday, with shares of Apple rising for an eighth consecutive day after getting hammered earlier this month. And boosting sentiment was data from the U.S. Labor Department that showed the number of Americans filing new claims for jobless benefits dropped to its lowest level since 1969.

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