Major US Stock Indexes Hit Records as Nvidia Rekindles AI Rally
Feb 23, 2024 - bloomberg.com
The three major American stock indexes, the S&P 500, the Nasdaq 100, and the Dow Jones Industrial Average, reached record highs on Thursday, driven by Nvidia Corp.'s strong earnings report. The chipmaker's results revived confidence in the potential of artificial intelligence to increase profits and further drive up stock prices. The S&P 500 Index recorded its 12th record close of 2024, with a nearly 24% increase since late October.
The Nasdaq 100 Index surged by 3%, while the Dow Jones Industrial Average, often seen as a reflection of US economic health, surpassed 39,000 for the first time. Nvidia's impressive earnings report triggered a widespread rally across Wall Street, indicating a positive outlook for the tech sector and the broader market.
Key takeaways:
All three major American stock indexes reached all-time highs on Thursday.
Nvidia Corp.'s strong earnings report has renewed confidence in the potential of artificial intelligence to boost profits and further increase stock prices.
The S&P 500 Index achieved its 12th record close of 2024, with a nearly 24% increase since late October.
The Dow Jones Industrial Average, a proxy for US economic health, surpassed 39,000 for the first time.
