US stocks eke out some gains despite renewed US-Iran fighting

NEW YORK: Wall Street stocks ticked up slightly on Thursday, helped by advances in the semiconductor sector, despite the return of fighting between the United States and Iran.

Shortly after trading started, the tech-heavy Nasdaq Composite Index climbed 0.5 percent to 25,991.92.

The broad-based S&P 500 added 0.3 percent at 7,505.39, but the Dow Jones Industrial Average lost 0.1 percent at 52,305.03.

“The markets are back to doing what they were doing before, which is buying tech stocks regardless of what’s going on in the Middle East,” said Steve Sosnick of Interactive Brokers.

He added that the size of the tech sector is “so big that if tech rallies, it hides the flaws of the rest of the market.”

The movements on Thursday came after fighting erupted again between the United States and Iran. Tehran targeted US allies in the region while American strikes hit the perimeter of an Iranian nuclear power plant.

The hostilities sparked worries of a return to full-scale war after an April ceasefire and June accord between Washington and Tehran.

Oil prices jumped as the conflict reignited.

But semiconductor stocks boosted US markets early Thursday, with shares in Micron Technology up 7.3 percent.