New york: The US Wall Street stock indices closed Thursday’s trading higher, supported by strong semiconductor company stocks and easing inflation concerns.

According to Emirates News Agency, the S and P’s 500 Index rose by 78.31 points, or 1.06%, to close at 7,498.41 points. The Nasdaq Composite Index also climbed 496.28 points, or 1.87%, to close at 26,507.05 points, while the Dow Jones Industrial Average increased by 70.29 points, or 0.14%, reaching 51,562.84 points.

Investors showed optimism as semiconductor stocks demonstrated strong performance, contributing significantly to the upward movement of the indices. The easing of inflation worries further bolstered market sentiment, encouraging investors to engage positively with the stock market.

The semiconductor sector’s robust performance is seen as a critical driver in the day’s market gains, with many companies in the sector reporting favorable earnings and positive market trends. This sector’s influence was pivotal in lifting the overall market mood and driving indices upwards.