Wall Street gains on chip sector and Iran outlook
The U.S. stock indices closed higher, supported by strong performance in the semiconductor sector and chip company shares. The Philadelphia Semiconductor Index surged sharply, and Intel's shares reached a record high. Investors expect the Federal Reserve to raise interest rates this year, despite declining inflation concerns. This outlook was reflected in the rise of the S&P 500 by 1.06% and the Nasdaq by 1.87%, while the Dow Jones Industrial Average saw a modest increase of 0.14%.
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