Wall Street boosted by tech shares

Most US stock indexes rose during Thursday’s session amid strong demand for technology shares, particularly artificial intelligence companies.

US Treasury Secretary Scott Bessent said that President Donald Trump’s administration plans to intervene in certain sectors and impose minimum price floors on products in response to what he described as China’s “market manipulation.”

Amid ongoing trade tensions, China accused the US government of causing global alarm over restrictions on rare earth metal exports.

The third-quarter 2025 earnings season kicked off this week, with several major banks reporting strong profits and revenues.

This came despite the US government shutdown entering its sixteenth day with no signs of resolution. Bessent said the shutdown is costing the American economy 15 billion dollars per day.

Separately, Federal Reserve Board member Steven Miran said on Thursday that two additional interest rate cuts this year appear realistic, citing clear signs of a significant slowdown in inflation.

Miran added that while he personally favors a 50-basis-point rate cut at the upcoming meeting, he expects the Fed will instead opt for a 25-basis-point reduction.

As of 16:37 GMT, the Dow Jones Industrial Average rose 0.2% (83 points) to 46,337 points, the broader S&P 500 index gained 0.3% (18 points) to 6,689 points, and the Nasdaq Composite climbed 0.5% (112 points) to 22,782 points.