Mumbai, May 8 -- The Dow advanced 284.97 points or 0.7 percent to 41,113.79, the S&P 500 climbed 24.37 points or 0.4 percent to 5,631.28 and the Nasdaq rose 48.50 points or 0.3 percent to 17,738.16.

Bloomberg's report stated that the Trump administration plans to rescind Biden-era AI chip restrictions as part of a broader revision of semiconductor trade policies. This was followed by a late rally in semiconductor stocks, with the Philadelphia Semiconductor Index rising by 1.7 percent. According to sources familiar with the matter, the repeal aims to overhaul the current policy which categorizes countries into three broad tiers for regulating the export of chips from companies like Nvidia (NVDA) and others.

Airline stocks ended the day n...