Stocks and oil prices drift as global markets continue to calm
U.S. stock markets saw gains driven by continued investor enthusiasm for artificial intelligence, particularly in the semiconductor sector. SK Hynix experienced a successful Nasdaq debut, highlighting the ongoing demand for memory chips despite broader market concerns about AI valuation.
Why it matters
The performance of AI-related stocks remains a primary driver of global market volatility and investor sentiment regarding the sustainability of the current tech boom.
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NEW YORK (AP) — U.S. stocks ticked higher Friday after Wall Street showed its appetite is still big for winners of the artificial-intelligence boom.
The S&P 500 rose 0.4% to close out its fourth winning week in the last five. The Dow Jones Industrial Average added 149 points, or 0.3%, and the Nasdaq composite climbed 0.3%.
SK Hynix, a giant South Korean maker of memory chips, shone in the debut of its stock trading on the Nasdaq. After raising roughly $26.5 billion by selling American depositary shares at a price of $149 each, it jumped immediately after trading began in the midday hours and finished with a gain of 13.1%.
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