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Stocks Rise Ahead of Fed’s Move on Interest Rates

The stock market moved higher on Tuesday, as Treasury Secretary Janet Yellen reassured investors that the government could safeguard against further banking crises.

Overall, S&P 500 increased 1.3% to 4,003, while NASDAQ grew 1.6% to 11,860.

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Chart of the Day

Here is the one-year chart of Broadcom (AVGO) as of March 7, 2023, when the stock was at $625.

Broadcom is a semiconductor and software company that designs thousands of products for home connectivity, cloud data centers, and enterprise businesses.

The company is witnessing urgency and excitement for its generative AI-based products. In last quarter’s earnings call, management said infrastructure spending was up particularly in service providers. A growing portion of Broadcom’s switches are being deployed within AI networks. AI requires rows and rows of servers with next generation switching and routing hardware. It is causing demand for Ethernet switching that can operate in data-intensive workloads.

AVGO is a top holding in the Growth Portfolio. It is one of David Sharek’s favorite stocks.

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