Nasdaq rallies as chip stocks recover from brutal losses - Fox Business

The Nasdaq Composite climbed on Friday after a sell-off hit artificial intelligence stocks and sent the exchange into correction territory during the prior trading session. The tech-heavy Nasdaq rose 1.09%, while the Dow Jones Industrial Average fell 237.33 points, or 0.46%, to 51,285.73. The S&P 500 was up 0.31%. Gains within technology were broadly shared, with the semiconductor index rallying 4.2%. Nvidia rose 2.8%, Advanced Micro Devices added 11% and Sandisk rebounded almost 4%. Shares within the sector opened strongly and held much of their gains, with the Nasdaq ending up 1.1% after trading as much as 2% higher. Technology and chip stocks were among those hardest hit on Thursday as investors weighed what Democrats' sweeping midterm election victories could mean for AI regulation and data center development. The sell-off came just one day after stocks rallied following the midterm elections.