Thursday, November 7, 2024

Wall Street Bounces Back: Dow Hits All-Time High Again!

Newsis

The New York stock market rebounded strongly on Wednesday, continuing its record-setting momentum after a brief one-day decline. The Dow Jones Industrial Average, which tracks 30 major blue-chip stocks, resumed its upward streak, with companies like Disney, Visa, Nike, and Cisco Systems posting strong performances.

Record-Breaking Streak Resumes

All three major indices rallied, with the Dow Jones reclaiming its record-breaking trajectory. The Dow closed up 337.28 points (0.79%) at 40,077.70, resuming its record-setting pace after a three-day pause. Notable gains in Cisco (up 4.25%), Nike (up 2.22%), Disney (up 2.69%), and Visa (up 2.95%) contributed to the Dow’s rise.

The S&P 500 gained 27.21 points (0.47%), ending the day at 5,842.47, though still short of its all-time high of 5,895.85 set on the 14th. The Nasdaq also rose, finishing at 10,367.08, up 51.49 points (0.28%).

The Wall Street “fear index” (CBOE Volatility Index) dropped below the 20-mark, falling by 1.06 points (5.14%) to 19.58, signaling a decline in market uncertainty.

Semiconductor Stocks Rebound

Semiconductor stocks rebounded after sharp declines the previous day. Nvidia, a leading player in AI chips, surged by $4.12 (3.13%) to $135.72, recovering part of its 4.7% drop. Broadcom also gained $0.84 (0.48%) to close at $176.82, and Micron, a supplier of AI memory semiconductors, jumped $4.92 (4.72%) to $109.24.

However, the lingering effects of ASML’s earlier stock drop, caused by concerns over the semiconductor industry’s recovery, continued to weigh on the sector. ASML’s ADRs fell by $46.91 (6.42%) to $683.52, although this improved from its 16% plunge the day before. AMD, despite fluctuations, closed down $0.51 (0.33%) at $156.13, and Intel dropped $0.35 (1.54%) to $22.31 amid concerns over Chinese security reviews.

Small Modular Reactors (SMRs) Surge

Companies involved in small modular reactors (SMRs) saw their stocks soar after Amazon announced plans to use SMRs to power its Amazon Web Services (AWS) data centers. Oklo, supported by OpenAI CEO Sam Altman, skyrocketed by $4.89 (41.97%) to $16.54, and another SMR developer, NuScale Power, surged by $5.45 (40.01%) to $19.07. Uranium producer Cameco gained $5.38 (7.55%) to close at $76.68.

Dominion Energy, which contracted with Amazon to supply power, rose $2.94 (5.10%) to $60.55, while Constellation Energy, set to provide nuclear power to Microsoft, climbed $13.65 (5.13%) to $279.80.

International Oil Prices Decline for Fourth Straight Day

International oil prices continued to fall for the fourth consecutive day. The U.S. reportedly provided Patriot missile defense systems to Israel, and Israel agreed to avoid striking Iranian oil facilities, contributing to the easing of oil price spikes.

Despite the drop, oil prices remained relatively stable. Brent crude oil fell by $0.03 (0.04%) to close at $74.22 per barrel. In comparison, West Texas Intermediate (WTI) crude oil declined by $0.19 (0.27%) to $70.39 per barrel, bringing prices back to levels seen before concerns about a potential Israeli attack on Iranian oil facilities.

Hot this week

Japan Rejects UN Call for Female Succession: What’s Next for the Imperial Family?

The Japanese government has effectively rejected the United Nations' recommendation to allow women to succeed to the throne.

Netanyahu Shakes Up Israel’s Leadership: Defense Minister Ousted Amid War Tensions

Netanyahu dismissed Defense Minister Yoav Gallant amid war strategy disagreements, appointing Israel Katz as his successor.

Vietnamese Workers in South Korea: The Best-Paid Expats

A recent study by the Vietnamese government has revealed that Vietnamese workers in South Korea earn the most among their overseas laborers.

North Korea Fires Ballistic Missile Amid U.S. Election Tensions

North Korea launched a ballistic missile into the East Sea, responding to joint drills by the U.S., South Korea, and Japan.

Is Elon Musk’s $1 Million Prize a Bribe in Disguise? Legal Battle Heats Up

Tesla CEO Elon Musk is allowed to continue a daily $1 million giveaway event until election day, November 5.

Topics

Japan Rejects UN Call for Female Succession: What’s Next for the Imperial Family?

The Japanese government has effectively rejected the United Nations' recommendation to allow women to succeed to the throne.

Netanyahu Shakes Up Israel’s Leadership: Defense Minister Ousted Amid War Tensions

Netanyahu dismissed Defense Minister Yoav Gallant amid war strategy disagreements, appointing Israel Katz as his successor.

Vietnamese Workers in South Korea: The Best-Paid Expats

A recent study by the Vietnamese government has revealed that Vietnamese workers in South Korea earn the most among their overseas laborers.

North Korea Fires Ballistic Missile Amid U.S. Election Tensions

North Korea launched a ballistic missile into the East Sea, responding to joint drills by the U.S., South Korea, and Japan.

Is Elon Musk’s $1 Million Prize a Bribe in Disguise? Legal Battle Heats Up

Tesla CEO Elon Musk is allowed to continue a daily $1 million giveaway event until election day, November 5.

North Korea Sends 10,000 Troops to Russia: What Does This Mean for Ukraine?

The U.S. State Department confirmed 10,000 North Korean troops are in Kursk, Russia, likely to engage in combat against Ukraine.

Giant Steps: First Exploratory Drill for South Korea’s ‘Whale’ Gas Field Set to Begin

The Korea National Oil Corporation plans exploratory drilling in the East Sea's Blue Whale gas field, starting mid-December.

Spain’s Flood Crisis: Angry Citizens Throw Mud at the King

In Spain, King Felipe VI and Queen Letizia faced anger from flood victims, who insulted and threw mud at them during a visit.

Related Articles