Expectations of continued rate cuts by the Federal Reserve lead to a rise in U.S. stocks

Market expectations that the Federal Reserve will continue to cut interest rates led to a rise in U.S. stocks. The Dow Jones Industrial Average rose 104.05 points, closing at 47,954.99 points; the S&P 500 index rose 13.28 points, closing at 6,870.40 points; the Nasdaq index rose 72.99 points, closing at 23,578.13 points; the Philadelphia Semiconductor Index rose 78.867 points, closing at 7,294.836 points