Nasdaq Rises 2% as Philadelphia Semiconductor Index Jumps 6.8%

The Nasdaq was up 2% in Friday trading as the Philadelphia Semiconductor Index climbed 6.8%, a sharp advance across risk assets relevant to crypto markets. The S&P 500 was 1.1% higher.

Chip stocks led the advance. AMD gained 13% and SNDK rose 12%. On Thursday, AMD had fallen 13.53% and SNDK had dropped 17.04%. The Philadelphia Semiconductor Index also rebounded after losing 11.48% in the previous session, but the 6.8% rise did not erase the decline.

The sector index's 6.8% rise exceeded Nasdaq's 2% increase by 4.8 percentage points and the S&P 500's 1.1% gain by 5.7 points. Put another way, the chip gauge's increase was more than three times Nasdaq's and six times the S&P 500's on Friday. The 11.48% prior-session drop left the semiconductor index short of recovering its earlier level. The stock rebounds were also smaller than their preceding losses.