Stocks Boosted by Chip Demand Optimism

The US Jan Philadelphia Fed business outlook survey rose +21.4 to a four-month high of 12.6, stronger than expectations of -1.4.The US Jan Empire manufacturing survey of general business conditions rose +11.4 to 7.7, stronger than expectations of 1.0.US weekly initial unemployment claims unexpectedly fell -9,000 to a 6-week low of 198,000, showing a stronger labor market than expectations of an increase to 215,000.However, stocks fell back from their best levels as hawkish Fed comments pushed bond yields hi ...