Dow Jones Today Chases Nasdaq As Chips Lead Stocks Higher; Tesla Snubs Bitcoin; Yeti, PLBY Group Score Q1 Wins
Stocks ran sharply higher Thursday, ignoring another rising inflation gauge as the Dow industrials and S&P 500 faced key technical tests. Chip stocks led the early action with a broad advance. Tesla stock jumped as Bitcoin plummeted on a Tesla policy change. Meanwhile, Boeing leapt to the top of the Dow Jones today.
The Nasdaq Composite scrolled up 1.5%, with ASML Holding (ASML) and Applied Materials (AMAT) leading the advance. The S&P 500 rose 1.3%, staging a healthy bounce off its 50-day moving average. The Dow industrials popped 420 points, a 1.25% gain on the stock market today.
Chip stocks headed the early gains, with ASML Holding and Applied Materials each up more than 4%, trading high on the Nasdaq 100. Lam Research (LRCX) topped the S&P 500 with a 6% gain. Intel (INTC) rallied 1.2% as it aimed to halt a steep three-day slide. The iShares PHLX Semiconductor ETF (