Wall Street Bounces Higher as Chip Stocks Gain<br />(Reuters) - U. S. stocks advanced on Monday, with gains in shares of chipmakers<br />and technology giants helping Wall Street extend last week’s rally that was powered by U. S. jobs data.<br />The advances followed a near 2 percent gain for the main indexes on Friday after data showed sluggish wage<br />growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes.<br />Andre Bakhos said that The market was particularly optimistic that wage growth wasn’t too hot for fear of inflationary concerns,<br />Traders of U. S. short-term interest-rate futures kept bets the Federal Reserve will stick to three rate hikes this year.<br />Gains in Apple, Amazon and chipmakers Broadcom and Micron Technology drove the S&P 500 higher.<br />A month ago, the markets were gripped by fears of higher wages leading to price pressures, triggering a selloff<br />that dragged the main indexes to correction territory.
