Shares of technology companies rose as traders rotated into high-risk sectors in light of a relatively dovish statement from the Federal Reserve.
Fed Chairman Jerome Powell said the inflation picture is more balanced than previously, and that the Fed plans to slow the "runoff" of bonds from its balance sheet.
Artificial-intelligence stocks, which have opened 2024 with historic gains, resumed their rally. Nvidia looked set to test all-time highs above $900, and are up by 88% for the year to date. Micron Technology shares surged after the memory-chip maker posted an unanticipated swing to the green and forecast growth ahead of Wall Street targets.
Super Micro Computer shares continued to give back hefty 2024 gains after the server maker, whose products are in high demand because of the AI boom, priced a secondary offering of stock.
The U.S. government is granting Intel up to $8.5 billion to help fund new chip plants in four states, the largest award yet in an effort to revive American chip-making overseen by the Biden administration.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-20-24 1741ET
