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Chipmaker sell-off sends investors to other stocks and bonds for safety
A global rout in semiconductor chip stocks sent investors rushing into different sectors and government bonds on Thursday as they looked for safety in other corners of the market.
The S&P 500 bounced back from an initial decline and rose 0.33%, led by gains in health care stocks. The Dow rallied 556 points, or 1.08%, boosted by gains in sectors like consumer discretionary and materials. Treasury yields dropped sharply as bonds rallied.
A closely watched index of chip stocks fell 0.88% Thursday, dropping for the seventh day in a row. Thursdayâs drop followed sharp market declines overnight in Taiwan, South Korea and Japan, which are hubs for chipmakers.
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