U.S. Stock Indices Rally, Nasdaq Extends 12-Day Winning Streak to New High; China's Golden Dragon Index Surges 1.74%

Gate News message, April 17 — U.S. stock indices closed higher on April 16. The Dow Jones Industrial Average rose 0.24% to 48,578.72 points, the S&P 500 (U.S. benchmark equity index) climbed 0.26% to 7,041.28 points, marking a record close, and the Nasdaq Composite gained 0.36% to 24,102.7 points, extending its winning streak to 12 consecutive trading days while also reaching new highs.

The Nasdaq Golden Dragon Index, tracking Chinese tech stocks, surged 1.74% to 7,192.17 points, demonstrating strong overall momentum. Among major tech stocks, Microsoft gained 2.2%, Amazon and Meta rose 0.48% and 0.79% respectively, while Apple fell 1.14%, Tesla declined 0.78%, and Google dropped 0.33%.

The semiconductor sector broadly advanced. AMD jumped 7.8%, Intel gained 5.48%, Qualcomm rose 1.07%, and Micron Technology added 0.22%, while ASML fell 4.79% and Nvidia dipped 0.26%.

Chinese-listed companies showed strength. EV makers led gains with Nio surging 6.92% and Li Auto climbing 1.98%. Internet giants also rallied: Alibaba gained 4.01%, Baidu rose 3.38%, NetEase and Bilibili climbed 2.17% and 1.2% respectively. Energy stocks also advanced, with ExxonMobil gaining 1.9%, Occidental Petroleum up 1.81%, and Chevron rising 1.75%.

In commodities, crude oil prices climbed while precious metals weakened. Brent crude oil futures (benchmark for global crude) rose 3.46% to $98.21 per barrel, and WTI crude oil (U.S. light sweet crude) gained 1.85% to $89.65 per barrel. COMEX gold futures (precious metals exchange-traded contracts) fell 0.26% to $4,810.90 per ounce, while COMEX silver futures declined 1.47% to $78.46 per ounce.

Market analysts offered mixed views on the rally’s sustainability. Michael Bell, strategy chief at RBC BlueBay, noted that investors have developed a reflexive “buy-the-dip” behavior, but questioned whether the Strait of Hormuz would reopen quickly, suggesting the market has already priced in optimistic scenarios with limited upside. Robert Phipps of Stirling Capital characterized the current rally as a technical rebound after the market’s prior oversold condition. Goldman Sachs’ trading desk indicated that short squeezes remain the core driver, with high-beta loss stocks, unprofitable tech companies, and heavily shorted stocks all experiencing concentrated buying pressure.

On the geopolitical front, U.S. President Trump announced on April 16 that Lebanon and Israel would begin a 10-day ceasefire starting at 5 p.m. local time that day. However, Israeli forces continued large-scale airstrikes on southern Lebanon afterward, and Israeli media reported that while Israel agreed to the ceasefire, it refused to withdraw from southern Lebanon, with troops remaining in the buffer zone. Additionally, U.S. Defense Secretary Hegseth announced that the Treasury Department is launching “Economic Fury” operations to apply maximum economic pressure on Iran.