Stocks finished the week on a high note, with the Dow Jones Industrial Average rising 391 points, or 1.2%, and the S&P 500 gaining 1.6%. Chip stocks were among the biggest gainers in the index, particularly producers of chip-making equipment: KLA, Lam Research and Applied Materials ended the day up 5.5%, 5.4% and 5.3%, respectively. The immediate trigger appeared to be a report in the South Korean press that memory chip-maker SK Hynix is planning a big increase in capital expenditures.
But technology companies generally were in a mood to party: Apple, Microsoft and Meta Platforms rose 2.3%, 2.5% and 2.6%. The Nasdaq Composite finished the session up 2.1%. One company not celebrating was Diageo. Investors in the maker of Guinness beer and Johnnie Walker whisky might have needed a drink after its shares tanked 12% in London trading. In a profit warning, the company cited falling sales in Latin America. This analysis comes from the Journal's Heard on the Street team.
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