The Dow Jones Industrial Average closed above 53,000 for the first time in history on July 6, landing at 53,055.91 after adding 155.84 points, or 0.29%. The Nasdaq Composite climbed 1.12% to 26,121.16, powered almost entirely by chip stocks snapping back from a brief bout of profit-taking. The S&P 500 tagged along for the ride, gaining 0.72% to close at 7,537.43.
Chip stocks stage a sharp recovery
After two sessions of selling pressure tied to jittery AI valuations, semiconductor names came roaring back. Advanced Micro Devices led the pack with a roughly 8.5% surge. Qualcomm followed at 6%, and Broadcom added 4%. Micron and Sandisk each posted gains exceeding 2.5%. Nvidia also contributed to the sector’s rebound.
Declining oil prices also helped stabilize broader market sentiment, giving equities a tailwind heading into the post-holiday trading session.
Why crypto investors should pay attention to chip rallies
