NEW YORK: Wall Street stocks rose Friday with the Nasdaq climbing more than one percent following a blowout earnings report from chip supplier Applied Materials.
Applied Materials, which provides materials and software to build semiconductors, surged 13.8 percent after announcing that second-quarter orders jumped 37 percent from the year-ago period to $3.45 billion as it predicted record profits in 2016.
Chip companies Western Digital and Micron Technology rose 3.1 percent and 7.3 percent, respectively.
Meanwhile the broader market benefited from a bounce after largely negative trade the last three days.
“People were under-invested,” said Mace Blicksilver, director of Marblehead Asset Management.
At the closing bell, the Dow Jones Industrial Average stood at 17,498.48, up 0.4 percent.
The broad-based S&P 500 rose 0.6 percent to 2,052.19, while the tech-rich Nasdaq Composite Index jumped 1.2 percent to 4,7369.56.
Copyright AFP (Agence France-Presse), 2016
Courtesy : BRecorder