S&P 500 Rallies 47 Points on Dem Pick for Vice President, AMD Leads Semiconductor Stocks Higher, Cancelling College Football Looms for Disney
The S&P 500 Index (SNPINDEX: ^GSPC) gained 46.7 points, or a solid 1%, on Aug. 12, joining the other major indices with a better-than-1% gain on the day, following the announcement yesterday evening that presidential hopeful and former Vice President Joe Biden had made his choice for running mate. Kamala Harris, the U.S. senator from California, is joining the Biden ticket as the Democratic nominee for vice president.
On a day that lacked any major earnings or economic news, the Harris announcement is the biggest market-moving news of the day. Today's best-performing S&P stocks were semiconductor giants Advanced Micro Devices (NASDAQ: AMD), Qualcomm (NASDAQ: QCOM), and NVIDIA (NASDAQ: NVDA), up 7.5%, 6.4%, and 5.4% today as investors look to profit from strong demand for microchips.
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