Wall Street Soars: Intel Hits Milestones Amid Fed's Rate Cut & Nvidia's Major Investment Boost

Wall Street experienced a significant boost on Thursday, with main indexes achieving record-high closes. The gains were attributed to a quarter-point interest rate cut by the U.S. Federal Reserve, alongside chipmaker Intel's surge in stock value following Nvidia's $5 billion investment.

The semiconductor sector benefited broadly, bolstering the Nasdaq and the S&P 500 technology sector. Intel led the charge, recording its largest gain since 1987, while Nvidia rebounded from losses linked to Chinese tech firms halting chip purchases. Meanwhile, the Russell 2000 index reached an intraday high, thriving in the lower interest-rate environment.

Federal Reserve Chair Jerome Powell emphasized tackling the softened U.S. jobs market, suggesting future rate reductions. Wall Street's rally is supported by expectations of easing monetary policy and growing AI-linked stock interest. Economic data indicated mixed labor market signals, as unemployment application filings fell slightly.

(With inputs from agencies.)