A rebound for AI stocks lifted the U.S. market.
The S&P 500 rose 1.3% Wednesday and got close to recovering all of its brutal sell-off from last week triggered by worries about a potential slowdown for AI businesses. The Nasdaq composite rallied a market-leading 1.6% because of the strength for tech stocks, while the Dow Jones Industrial Average added 0.5%.
CoreWeave drove the gains after reporting stronger results for the summer than analysts expected, and the S&P 500 pulled within 2.6% of its record set last month. The U.S. bond market was closed for a holiday, and oil prices rose.
On Wednesday:
The S&P 500 rose 98.45 points, or 1.3%, to 7,619.38.
The Dow Jones Industrial Average rose 254.60 points, or 0.5%, to 52,486.49.
The Nasdaq composite rose 400.31 points, or 1.6%, to 25,466.19.
The Russell 2000 rose 24.89 points, or 0.9%, to 2,846.26.
For the week:
The S&P 500 is up 242.52 points, or 3.3%.
The Dow is up 1,200.76 points, or 2.3%.
The Nasdaq is up 886.76 points, or 3.6%.
The Russell 2000 is up 92.16 points, or 3.3%.
For the year:
The S&P 500 is up 773.88 points, or 11.3%.
The Dow is up 4,423.20 points, or 9.2%.
The Nasdaq is up 2,224.20 points, or 9.6%.
The Russell 2000 is up 364.36 points, or 14.7%.
