U.S. stock markets rose on Thursday as interest in artificial intelligence (AI) trades rebounded, with all three major indexes closing higher. The Dow Jones Industrial Average increased by 0.3%, finishing at 52,478.41, while the Nasdaq Composite jumped 1.3% to 26,206.89. The S&P 500 gained 0.8%, closing at 7,543.64. Notably, 14.7 billion shares changed hands, down from the 20-session average of 22.9 billion.
Micron Technology Inc. plans to invest over $250 billion in U.S. operations by 2035, up from an earlier $170 billion commitment. The company has also announced a $3 billion investment in GlobalWafers for silicon wafer manufacturing in Texas. Meanwhile, Meta Platforms Inc. intends to begin production of a custom AI chip in September to enhance its computing capacity to 14 gigawatts by 2027, with its Muse Spark AI platform receiving a significant update.
In economic news, initial claims for unemployment benefits fell by 2,000 to 215,000 for the week ending July 4, while continuing claims rose by 8,000 to 1.814 million. Additionally, existing home sales unexpectedly dropped to 4.09 million units in June, below analysts’ estimates of 4.19 million units.
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