Wall Street Rises, Boosted by Chipmakers
U.S. stocks climbed on Friday morning, driven by semiconductor manufacturers following reports that additional restrictions by the Biden administration on chip sales to China would be less severe than previously anticipated.
The Dow Jones Industrial Average rose 0.50% to 44,946.36 points, while the SPX advanced 0.59% to 6,033.84 points. The tech-heavy Nasdaq Composite gained 0.81% to 19,214.51 points.
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Chipmakers led the rally, with Applied Materials and Lam Research rising over 2%, while Nvidia added more than 1%, extending its year-to-date gains to over 186%. Beyond the semiconductor sector, Tesla climbed 1.72%, bringing its November increase to 33%, marking one of its strongest months on record.
Markets reopened after Thursday’s Thanksgiving holiday and are operating on a shortened schedule, with trading ending at 1:00 PM EST. Lower-than-usual volumes are expected.
Geopolitics Today
In geopolitical developments, Russia warned Japan that its alignment with “hostile Western policies” poses a significant obstacle to signing a peace treaty between the two nations, which remain in a state of armistice since World War II.
Kremlin spokesperson Dmitry Peskov stated that Japan’s actions undermine negotiations but emphasized the “political wisdom” both countries have shown in maintaining dialogue despite longstanding disputes.
However, he accused Japan of aligning itself with the “hostile Western agenda, which imposes sanctions and implements restrictions targeting the Russian economy.”
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