The Nasdaq hit a record high on Wednesday and the S&P 500 was close behind as reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar.
Texas Instruments Inc (TXN.O) jumped 7.1% after the company hinted that a global slowdown in microchip demand would not be as long as feared, powering the Philadelphia chip .SOX index up 2.8% to a record high.
“Semiconductor investors are looking past right now and saying that maybe in the second half of this year, economic concerns will start to abate a little,” said Willie Delwiche, an investment strategist at Robert W. Baird in Milwaukee.
However, trade-sensitive Caterpillar Inc (CAT.N) dropped 4.1% following disappointing earnings on weak sales in China and higher production and restructuring costs.
Boeing Co (BA.N) fell 2.8% after the world’s largest planemaker posted its largest-ever quarterly loss on the back of this year’s grounding of its best-selling 737 MAX after two deadly crashes.
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