US stock markets advanced on Thursday, led by Nasdaq as chip stocks rallied.
The market was buoyed by the expectations of three rate cuts in the year ahead.
At 09:46 a.m. ET, the Dow Jones Industrial Average was up 225.19 points, or 0.57 per cent, at 39,737.32, the S&P 500 was up 30.41 points, or 0.58 per cent, at 5,255.03, and the Nasdaq Composite was up 144.71 points, or 0.88 per cent, at 16,514.12.
At the opening bell, the Dow Jones Industrial Average rose 148.90 points, or 0.38 per cent, to 39,661.03. The S&P 500 opened higher by 28.81 points, or 0.55 per cent, at 5,253.43, while the Nasdaq Composite gained 147.83 points, or 0.90 per cent, to 16,517.24.
On Wednesday, the Federal Reserve kept its interest rates steady.
It also said that it sees three rate cuts to the US borrowing costs in 2024.
Shares of Micron Technology jumped 14.0 per cent to a record…
