The S&P 500 rose Thursday, boosted by tech gains, as the market tried to regain its footing after yet another losing session.
The broad market index climbed 0.4%, while the Nasdaq Composite jumped nearly 1%. The Dow Jones Industrial Average underperformed, losing 108 points, or 0.3%.
TSMC reported fourth-quarter profit that fell 19% from a year earlier but still topped analysts’ expectations. Revenue in U.S. dollars fell 1.5% in the quarter to $19.62 billion but rose but 13.6% from the third quarter. U.S.-listed shares of the Taiwan-based chip maker were up 8.3% after Taiwan Semiconductor said it expects revenue growth this year of at least 20%, more than double the rate of the wider chip market.
Semiconductor stocks gained as TSMC beat Q4 top and bottom line estimates. Nvidia rose 2.2%, AMD rose 3.7%, Micron rose 2.3%, and Arm rose 3.1%.
