Here's what happened to the stock market on Thursday

Dow, S&P 500 and Nasdaq hit record highs on first trading day of 2020
Dow, S&P 500 and Nasdaq hit record highs on first trading day of 2020

Dow Jones Industrial Average rises 330 points

The Dow jumped 330.36 points, or 1.16%, to end the day at 28,868.80. The S&P 500 gained 0.84% to close at 3,257.85. The Nasdaq Composite advanced 1.33% to 9,092.19. The major averages notched record highs, led by semiconductor stocks.

2019 momentum carries into 2020

It was the first trading day of the new year and Wall Street picked up right where it left off in 2019. Chipmakers, which were among the best performers last year, outperformed once again on Thursday. Overseas equities also rose after China cut its cash reserve requirements for banks, a move intended to further spur economic growth. To be sure, the market could be in for a tough ride in the first part of 2020 as the corporate earnings outlook did not improve between November and December.

AMD and Apple lead

Advanced Micro Devices climbed 7.06% to lead the semiconductor space higher. Other chipmakers such as Micron and Intel rose 2.99% and 1.65%, respectively. Meanwhile, Apple was among the best-performing stocks in the Dow, gaining 2.28%.

What happens next?

The Federal Reserve will release the minutes from its December meeting. Construction spending numbers, along with data on the U.S. manufacturing sector are also set for release on Friday. Read more here.

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