S&P 500 Ends Just Below Record as SK Hynix ADR Debut Lifts Chip Optimism

The S&P 500 rose on Friday to finish just short of a record high as optimism around memory-chip makers grew after South Korea's SK Hynix surged in its Nasdaq debut, according to RTHK. SK Hynix ended 13% above its offering price at $US170 in a high-profile US listing. The semiconductor company raised over US$26 billion on Thursday by selling American Depositary Receipts priced at US$149 each. US stocks also added to gains after U.S. President Donald Trump said Iran had asked to continue talks and the US had agreed, but that the June ceasefire was "over." Attacks between the US and Iran this week revived concerns that high energy prices could fuel more inflation and force the Federal Reserve to hike interest rates. The S&P 500 climbed 0.42% to 7,575, leaving it 0.45% below its June 2 record-high close. The Nasdaq gained 0.29% to 26,281, while the Dow Jones Industrial Average rose 0.29% to 52,637.