US Equity Indexes Rise in Midday Trading Amid Gains in Semiconductor Manufacturers

MT Newswires Live01-07 01:14

US equity indexes rose in midday trading Monday as gains in chip stocks boosted the technology sector.

The S&P 500 jumped 1.3% to 6,018.1, with the Nasdaq Composite up 1.8% to 19,975.2 and the Dow Jones Industrial Average 0.8% higher at 43,064.3. Communication services and consumer discretionary were among the top gainers.

Chip stocks rallied intraday, with Micron Technology (MU) surging more than 11%, the top gainer in the S&P 500 and the Nasdaq. Hon Hai Precision's (TPE:2317) revenue jumped 42% year-over-year in December to NT$654.8 billion ($19.98 billion), according to a company release on Sunday. Also known as Foxconn, the company manufactures electronic products for major global firms such as Apple (AAPL). Micron is a supplier of chips to Apple.

In economic news, new orders for US factory goods fell by 0.4% in November, as expected in a survey compiled by Bloomberg, and a revised 0.5% increase in October. Excluding a 3% drop in transportation orders, new orders would have been up 0.2%, the same as in the previous month.

The S&P Global US services index was revised downwards to 56.8 in December from the 58.5 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg. The December index is still above the 56.1 reading in November and a 33-month high.

US Treasury yields traded mixed intraday. The 10-year climbed 2.3 basis points to 4.62% while the two-year rate fell 1.7 basis points to 4.26%.

West Texas Intermediate crude oil futures rose 0.3% to $74.17 a barrel.

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