Broadcom stock closes higher on TSMC-fueled chip rally — then slips after hours

Wall Street’s main indexes bounced back Thursday following two straight days of losses, buoyed by a chip rally fueled by Taiwan Semiconductor Manufacturing Co’s positive outlook and fresh U.S. financial results. At 9:34 a.m. ET, the Dow Jones Industrial Average climbed 146.42 points, or 0.30%, the S&P 500 added 40.50 points, or 0.58%, and the Nasdaq Composite rose 197.64 points, or 0.84%, with Nvidia and chip-equipment stocks leading the gains. Financial shares faced pressure this week amid concerns over a proposed one-year cap on credit card interest rates at 10%, even as markets continue to price in at least two Federal Reserve rate cuts by year-end, according to LSEG.