Jan 23 (Reuters) – U.S. stocks rose on Monday as gains in chipmaker shares helped ease pressure on the hard-hit tech sector at the start of another week of corporate earnings.
Reports from Microsoft Corp, Tesla Inc, IBM and Intel are dominating headlines in the coming days as investors seek to know how the tech giants are handling the threat of an economic recession due to aggressive tightening by the US Fed.
The Dow Jones index rose by 0.93% to 33.686.34 points 19:04 Moscow time, the S&P 500 – by 1.22% to 4.021.19 points, and the Nasdaq by 1.73% to 11.332.86 points.
Qualcomm Inc and Advanced Micro Devices Inc rose 5.7% and 7.7%, respectively, as Barclays upgraded its recommendation for the microchip stock to outperform the intraday market.
These gains, along with Western Digital Corp’s 6.3% gain, pushed the Philadelphia SE Semiconductor index to a one-month high.
“It’s been a tough year to invest in the tech sector. So now you’re starting to see traders going back on some of those names. But instead of buying everything, they’ll only buy companies that have volatile The economy also has a chance to do well this year,” said Jimmy Lee of Wealth Consulting Group.
Salesforce Inc jumped 3.8% to lead the Dow after activist investor Elliott Management Corp acquired a multibillion-dollar stake in the enterprise cloud provider, people familiar with the matter said.
Meanwhile, Baker Hughes Co shed 0.5% after reporting lower-than-expected fourth-quarter earnings.
The original message in English is available at: (Translated by Shreyashi Sanyal and Johan M Cherian, Tomas Kanik in Bengaluru)