Nasdaq, S&P 500 post all-time closing highs for 4th day as tech boosts
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The S&P 500 and Nasdaq registered record closing highs for a fourth session in a row on Thursday as technology shares extended their recent rally. The number of Americans filing new claims for unemployment benefits increased last week and another report showed producer prices unexpectedly fell in May, helping to keep alive hopes that an interest rate cut by the Federal Reserve may be on the horizon. The Fed on Wednesday projected only one rate cut this year, while its outlook in March included three quarter-percentage-point reductions. The S&P 500 technology sector jumped 1.4% and an index of semiconductors rose 1.5%, both reaching all-time closing highs. Shares of Broadcom jumped 12.3% after the chipmaker raised its forecast for revenue from semiconductors used in artificial intelligence technology. It also announced a 10-for-1 forward stock split. Shares of Nvidia rallied 3.5%, and Apple ended up 0.5%. "It's still ver...