US stocks swing as Dow jumps 600, chip stocks tumble
Business
The US stock market was all over the place on Thursday, while the Dow Jones soared over 600 points (thanks to classic, old-economy stocks); tech-heavy Nasdaq 100 slid by 1.6%.
The big reason? Chip giants like Intel and AMD dropped another 4% to 6% after already falling hard earlier in the week.
Major indexes end week higher
Semiconductor stocks fell as investors cashed out after a long winning streak.
Even with this tech dip, all major indexes ended the week up, Dow gained 2%, S&P 500 rose 1.8%, and Nasdaq climbed 2.1%.
A weaker-than-expected jobs report also made a Fed rate hike less likely this month, which helped boost those "old-school" stocks driving the Dow's rally.