NEW YORK, Nov 18 — The Nasdaq led Wall Street higher today as chipmaker Nvidia rallied on robust third-quarter results, while a fresh batch of positive retail earnings indicated strength in consumer spending against the backdrop of rising inflation.
Broad gains in chip-making stocks pushed the Philadelphia semiconductor index up 2.1 per cent to a record high. “The stock market should resume its year-end rally based on the good earnings season and good macro news that’s continuing to flow,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Data also showed the number of Americans filing for unemployment benefits fell closer to pre-pandemic levels last week, albeit at a slower-than-expected pace.
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