Wall St rallies, S&P 500 posts record closing high

The Dow rose 130.30 points, or 0.34%, to 38,791.35, the S&P 500 gained 52.60 points, or 1.03%, to 5,157.36. The Nasdaq ended up 241.83 points, or 1.51%, at 16,273.38.

NEW YORK: Wall Street charged ahead on Thursday, with the S&P 500 rising 1% to a record closing high while the Nasdaq composite finished up 1.5%, with the biggest boosts from technology and growth stocks on increasing investor optimism about prospects for Federal Reserve rate cuts this year.

The Philadelphia Semiconductor index outperformed the broader market to finish up 3.36% at a record closing high as investors piled into chip companies, which they see as key beneficiaries to artificial intelligence related demand.