US: Chip stocks bolster Nasdaq, S&P 500 before Fed verdict

THE Nasdaq and the S&P 500 opened sharply higher on Wednesday (Jul 31) after a bullish forecast from AMD boosted struggling chip stocks, while Microsoft faltered among megacaps ahead of an interest-rate decision from the Federal Reserve.

The Dow Jones Industrial Average rose 25.5 points, or 0.06 per cent, at the open to 40,768.88.

The S&P 500 rose 69.2 points, or 1.27 per cent, at the open to 5,505.59​, while the Nasdaq Composite rose 351.8 points, or 2.05 per cent, to 17,499.231 at the opening bell. REUTERS