The Dow regained momentum by mid-morning Monday as AI stocks rose. Electronics giant Foxconn (HNPF+3.07%) Reports record revenue in fourth quarter,and Artificial intelligence boom will continue until 2025.
Benefiting from the so-called “January effect,” investors returning from vacation injected new money into the market. The day started slowly, but the stock market regained its rhythm as trading progressed.
The Dow Jones Industrial Average rose 365 points, or 0.8%, in afternoon trading. The tech-heavy Nasdaq and S&P 500 indexes rose 1.7% and 1.2%, respectively.
Nvidia and TSMC come together on Foxconn
foxconn (HNPF+3.07%), officially known as Hon Hai Precision Industry, on Sunday reported Sales for the October-December period were $2.13 trillion in new Taiwan dollars ($65 billion). The world’s largest electronics manufacturer posted year-on-year growth in each month, even though sales fell month-on-month in November and December. This gave the company a 15% increase over the previous year. Apple’s leading supplier.
Shares of semiconductor companies around the world rose on news of Foxconn’s earnings and first-quarter forecast. Taiwan semiconductor manufacturing companywhich produces about 90% of the world’s chips.
TSMC (TSM+5.49%) shares rose about 5% in premarket trading in New York, fueling a big rally in 2024. Nvidia The stock price rose more than 2% in early trading, setting the company up for its own mega-profit in 2024. Advanced Micro Devices (AMD+3.65%) shares rose nearly 3%, while Intel (INTC-3.26%) shares rose slightly by 1%, with Synopsys (SNPS+1.34%) shares rose 2% in premarket trading.
Bitcoin soars to over $100,000
Bitcoin returns to $100,000 level 4% increase in 1 day. Investors are optimistic about the future of cryptocurrencies amid political and regulatory changes, including President Donald Trump’s upcoming inauguration on January 20th and SEC Chairman Gary Gensler’s retirement. Rise is not limited to Bitcoin and other currencies Major virtual currencies are also gaining momentumEther rose 2%, Solana rose 3.6%, and Dogecoin rose 1.5%.
MicroStrategy purchases 1,070 Bitcoins
Cryptocurrency stocks also rose as Bitcoin prices soared. Cryptocurrency exchange Coinbase (coin+7.65%) shares soared 6.3%, while MicroStrategy (MSTR+12.05%) rose 5.5% following reports of the latest Bitcoin purchases. Today, business intelligence companies Purchased 1,070 coins for approximately $101 million. The acquisition brings MicroStrategy’s total Bitcoin holdings to 447,470 coins, worth $45.67 billion at current price levels.
— William Gavin contributed to this article
