US stocks hit new record highs, boosted by tech and earnings

U.S. stock markets concluded trading on August 4 with broad gains, marking new record closing highs for both the Dow Jones Industrial Average and the S&P 500. The rally was propelled by a wave of positive corporate earnings reports and a strong performance in the technology and semiconductor sectors.

The Philadelphia Semiconductor Index experienced a significant surge, climbing over 6.5%. This broader market optimism was reflected in individual stock performances, with Advanced Micro Devices (AMD) reporting a record second-quarter revenue, up 50% year-over-year, leading to a 7% increase in its stock price. Taiwan Semiconductor Manufacturing Company's (TSMC) ADR also saw a healthy rise of 2.72%, closing at $417.17.

Other semiconductor companies also posted strong gains, continuing a rebound from July's downturn. Broadcom increased by 6.61%, Nvidia by 2.56%, Applied Materials by 5.48%, Qualcomm by 7.32%, and Micron by 7.62%. United Microelectronics Corporation's ADR, in particular, soared by 10.38%.

The Dow Jones Industrial Average rose 907.47 points, or 1.71%, to close at 54,085.88. The S&P 500 gained 136.02 points, or 1.79%, ending at 7,736.52, surpassing the 7,700-point mark for the first time. The Nasdaq Composite climbed 671.09 points, or 2.59%, to 26,584.99.