Advanced Micro Devices Inc. (NASDAQ: AMD) saw its shares jump more than 6% on Thursday as the broader technology sector extended a rebound following a recent selloff.
The rally was part of a broader market surge, with the Nasdaq Composite gaining over 400 points. The gains were driven by a decline in Treasury yields and crude oil prices, alongside a 25 basis point rate hike by the Federal Reserve to a target range of 3.75%-4.00%.
On the economic data front, initial jobless claims fell to 196,000, which was below the consensus estimate of 206,500. Meanwhile, the Philadelphia Fed manufacturing index slowed to 37.8 from the previous month’s 47.4, though it still beat the projected reading of 32.1.
The Technology Select Sector SPDR Fund (NYSE: XLK) led the gains, with semiconductor names posting strong performance. Intel Corp. (NASDAQ: INTC) surged around 8% on the day.
The Dow Jones Industrial Average closed higher by approximately 316 points to 51,778.04, while the S&P 500 rose 1.14% to 7,637.76. The Nasdaq Composite finished the session at 26,418.30, up 1.69%.
Despite the overall market improvement, the CNN Money Fear and Greed Index remained in the “Fear” zone, rising to a reading of 29 from the previous 27.
