Wall Street Bounces Higher as Chip Stocks Gain

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Wall Street Bounces Higher as Chip Stocks Gain
(Reuters) – U. S. stocks advanced on Monday, with gains in shares of chipmakers
and technology giants helping Wall Street extend last week’s rally that was powered by U. S. jobs data.
The advances followed a near 2 percent gain for the main indexes on Friday after data showed sluggish wage
growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes.
Andre Bakhos said that The market was particularly optimistic that wage growth wasn’t too hot for fear of inflationary concerns,
Traders of U. S. short-term interest-rate futures kept bets the Federal Reserve will stick to three rate hikes this year.
Gains in Apple, Amazon and chipmakers Broadcom and Micron Technology drove the S&P 500 higher.
A month ago, the markets were gripped by fears of higher wages leading to price pressures, triggering a selloff
that dragged the main indexes to correction territory.


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