As Chipmakers Climb, Wall Street Begins Its Uptrend, Driven by Nasdaq

(Reuters) – NEW YORK On Thursday, major U.S. stock indexes rose more than 1%, extending the market's recent rally, as investors bought beaten-down shares of chipmakers and strong growth companies and oil prices fell.

The shares of Nvidia Corp. rose 9.8%, driving a rise in the chip sector and reaching its highest level since mid-January. Intel Corp rose 6.9%, helping the S&P 500 and the Nasdaq to gain ground.

The Philadelphia SE semiconductor index.SOX rose 5.1 percent, its highest daily percentage rise since Feb. 15, but it is still down around 10% for the year. After being battered earlier this month, Apple shares are up for the eighth day in a row.

Six of the last eight days have seen the three major indexes rally, with all three rebounding after the S&P 500 and Dow both confirmed that they are in corrections, while the Nasdaq confirmed that it is in a bear market.

"The bear market was the best time to invest," said Jake Dollarhide, CEO of Tulsa, Oklahoma-based Longbow Asset Management, which manages roughly $50 million in assets. "At long last, people realized this is an excellent place to start."

He stated, "For the first time in a long time, they are recognizing greater value in technology."

After a big rise on Wednesday, oil prices have dropped. 

The number of Americans submitting new unemployment claims fell to a 52-1/2-year low last week, but unemployment rolls continued to fall, according to previous data.

The Dow Jones Industrial Average increased 349.44 points, or 1.02 percent, to 34,707.94, the S&P 500 increased 63.92 points, or 1.43 percent, to 4,520.16, and the Nasdaq Composite increased 269.24 points, or 1.93 percent, to 14,191.84.

The next steps in the Ukraine-Russia situation were closely monitored by investors. Western countries have decided to boost military aid to Ukraine while tightening sanctions on Russia, whose invasion of its neighbor has now reached its second month.

Uber Technologies Inc rose 5% after the ride-hailing company announced that it had achieved an agreement to list all cabs in New York City on its app.

The volume on US exchanges was relatively low, with 11.03 billion shares, compared to the 14.3 billion average for the prior 20 trading days.

On the New York Stock Exchange, advancers outweighed decliners 1.96 to 1; on the Nasdaq, advancers outnumbered decliners 2.03 to 1.

The S&P 500 index saw 29 new 52-week highs and four new lows, while the Nasdaq Composite saw 58 new highs and 60 new lows.