Reddit shares opened at 38% above the $34 IPO price when it began trading on the NYSE. Reddit's IPO, the fourth largest this year, is a high-profile addition to 2024's roster of newly and soon-to-be public companies. Bloomberg's Ed Ludlow is tracking the trade.
NEW YORK — U.S. stocks extended their push to record heights Thursday on Wall Street, led by big gains for chipmakers.
The S&P 500 rose 16.91 points, or 0.3%, to 5,241.53 and set an all-time high for a third straight day. Three out of every four stocks in the index gained ground.
The Dow Jones Industrial Average gained 269.24 points, or 0.7%, to 39,781.37 and the Nasdaq composite rose 32.43, of 0.2%, to 16,401.84. Both indexes added to records set a day earlier.
Tech companies see gains
Micron surged 14.1% and led chipmakers higher after reporting much stronger results for its latest quarter than expected. It also gave a forecast for profit in the current quarter that topped analysts' estimates, as it benefits from a rush into artificial intelligence.
Chipmaker Broadcom climbed 5.6% and was an even stronger force pushing the S&P 500 upward because of its larger size. It held an investor presentation a day earlier on its opportunities in AI.
Reddit climbed 48.4% in its debut as a publicly traded stock. The eclectic bazaar of online communities offered its stock at an initial price of $34 a share.
They helped to more than offset a 4.1% slump for Apple after the Justice Department announced a sweeping antitrust lawsuit against the iPhone maker.
Accenture was another weight on the market after dropping 9.3%. The consulting and professional services company reported stronger profit for the latest quarter than analysts expected but its forecast for profit over this full fiscal year fell short of estimates.
Olive Garden owner Darden Restaurants fell 6.5% after its revenue forecast for the full fiscal year came up shy of analysts'.
In the bond market, Treasury yields were mostly steady.
Reports: US economy still strong
Some reports Thursday morning suggested the U.S. economy is doing better than expected, despite the Federal Reserve's high interest rates that are intended to snuff out high inflation.
A measure of manufacturing activity in the mid-Atlantic region unexpectedly grew, while a preliminary look at manufacturing nationwide also was better than expected.
Wall Street will get its next big inflation update next week, when the U.S. reports personal consumption and expenditures data for February. It is the Fed's preferred measure of inflation.
Markets in Europe and Asia mostly gained ground.
The Chinese government announced fresh measures to support its economy.
The Swiss National Bank said it is trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. The Bank of England kept its main interest rate unchanged at a 16-year high.
The county receiving the most Small Business Administration loans in each state
The county receiving the most Small Business Administration loans in each state