Chips push Wall St higher, oil’s slide softens Fed hit
Chip stocks boosted Wall Street late Thursday morning, with U.S. indexes moving up as oil prices fell and some inflation worries cooled despite a firmer tone from the Federal Reserve. The Dow Jones Industrial Average added 0.36% at 11:23 a.m. ET, while the S&P 500 was up 0.91%. The Nasdaq Composite climbed 1.25%. Wednesday’s drop in stocks got traders’ attention, since it wasn’t minor and didn’t look like a blip. Stocks fell after the Fed left rates unchanged but suggested a possible rate hike ahead. When markets call a signal “hawkish,” they mean the Fed could push rates higher to deal with inflation.