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Microchip Stocks Rally Despite Huawei Trade Blacklist

Credit: Wochit
Published on May 21, 2019 - Duration: 00:45s

Microchip Stocks Rally Despite Huawei Trade Blacklist

According to Reuters, microchip manufacturers are have a stock rally.

On May 21st, the Philadelphia Semiconductor Index spiked by 2.2-percent after a three-day losing streak.

Shares for Intel, Qualcomm, and Broadcom are also up between 2.4-and-4 percent.

Those gains also gave a boost to the S&P's tech sector, which jumped up 1.3-percent during morning trading.

Semi-conductor stocks took a shot late last week when President Donald Trump added Huawei to a trade blacklist, which forced companies to suspend business with the Chinese telecom equipment maker.

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