NewsHK
Wall Street reversed its sharp losses following the Federal Reserve's rate hike, with semiconductor shares driving a broad rally on Thursday morning. The Nasdaq Composite climbed 1.4% as of 11:24 a.m.
ET, while the S&P 500 gained 0.9% and the Dow Jones Industrial Average rose 0.4%. Twenty of the Dow's 30 components traded higher during the session, erasing the more than 630-point drop recorded on Wednesday.
The rebound was anchored by Intel, which surged 8.6% after CEO Lip-Bu Tan stated the company can only meet 50% of CPU demand due to limited manufacturing capacity and a shortage of memory chips.
Tan also announced an acceleration in the ramp-up of new manufacturing nodes. The move boosted memory manufacturers, with Micron Technology up 5.8% and SK Hynix rising 3.9%.
Keep reading