anymore,” said Sam Stovall, Chief Investment Strategist at CFRA Research. “However, it does seem as if the FOMC members have become even more hawkish since the last meeting, and I think that has taken investors by surprise.”
Heavyweight chipmakers Nvidia and Broadcom both rallied more than 4 percent and closed at their highest levels ever, lifting the Nasdaq and S&P 500. The Philadelphia semiconductor index jumped 1.5 percent, bringing its gain in 2023 to 48 percent. The S&P 500 health sector index dropped 1.1 percent and the S&P 500 managed healthcare index fell 6.9 percent, closing at its lowest in a year.
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