Wall Street steadies as chip stocks bounce back and oil prices ease

1 month ago 1

NEW YORK (AP) — Wall Street steadied on Thursday as stocks in the artificial-intelligence industry bounced back following an encouraging report from a Taiwanese chip giant and as oil prices eased sharply.

The S&P 500 rose 0.3% and snapped the two-day losing streak it had been on since setting an all-time high. The Dow Jones Industrial Average added 292 points, or 0.6%, and the Nasdaq composite rose 0.2%.

Nvidia and other formerly high-flying AI stocks helped lift the market after Taiwan Semiconductor Manufacturing Co., a major supplier to the industry, reported a stronger profit for the latest quarter than analysts expected. TSMC also said it could boost its investment in equipment to $56 billion this year to take advantage of the AI boom.