Stock market today: Wall Street extends its push into record highs, led by chipmakers

NEW YORK — Stocks are extending their push to record highs in early trading on Wall Street, led by big gains in chipmakers. The S&P 500 was up 0.5% in the early going Thursday. The Dow Jones Industrial Average was up 177 points, or 0.5%. The Nasdaq composite added 0.8%. Micron led chipmakers higher after reporting blowout results for its latest quarter that easily surpassed analysts’ expectations. Traders will be keeping a close eye on Reddit, whose shares begin trading today.

Japan’s benchmark Nikkei 225 jumped 2.0% to finish at a record high 40,815.66 after the government reported exports grew nearly 8% in February from a year earlier, in the third straight month of increase. Hong Kong’s benchmark surged 1.9%, to 16,863.10, while the Shanghai Composite fell less than 0.1% to 3,077.11, after the Chinese government announced fresh measures to support the economy.On Wednesday, the S&P 500 jumped 0.9% to 5,224.62, an all-time high for a second straight day. The Dow industrials surged 1% and the Nasdaq composite roared 1.3% higher.

The Fed has been keeping its main interest rate at its highest level since 2001 to grind down inflation. High rates slow the overall economy by making borrowing more expensive and by hurting prices for investments.

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