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US stocks on chips surge; Fed holds rates steady
Business World Philippines
|May 09, 2025
NEW YORK US stocks advanced on Wednesday in choppy trading, buoyed as semiconductor stocks rallied late on a report that regulations on artificial intelligence chips would be loosened.
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For most of the session, stocks bounced around, and trading remained choppy after the Federal Reserve kept US interest rates unchanged in a move that market participants expected.
Close to the closing bell, stocks rallied as chipmakers jumped after Bloomberg reported President Donald J. Trump's administration plans to rescind artificial intelligence chip curbs. The report was confirmed by a Commerce Department spokesperson. The PHLX semiconductor index ended 1.7% higher after falling as much as 1% on the day.
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