Wall Street Soars as Chipmakers Lead AI-Driven Rebound
Wall Street indexes surged on Monday, fueled by gains in Broadcom and other chipmakers amid easing U.S.-China trade tensions. President Trump's conciliatory statements boosted investor confidence, despite prior fears. AI-related stocks led the charge, with positive earnings reports expected to shed light on the trade impacts.
Wall Street experienced a robust rally on Monday, driven by significant gains in chipmakers like Broadcom, alongside a more relaxed stance from President Donald Trump concerning U.S.-China trade tensions.
In an interview, U.S. Treasury Secretary Scott Bessent indicated potential progress as Trump plans to meet his Chinese counterpart. AI-focused tech stocks spearheaded the recovery, with Broadcom soaring nearly 10% due to a partnership with OpenAI. The Nasdaq achieved its highest single-day increase since May 27.
Despite previous declines, optimism returned as analysts prepared for upcoming corporate earnings reports amidst a government shutdown delaying official data. The S&P 500 gained 1.56%, with the Nasdaq rising 2.21% and the Dow Jones climbing 1.29%.
(With inputs from agencies.)
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