Technology stocks led Wall Street after Nvidia, Salesforce and others reported fatter profits for the spring than expected.
The S&P 500 rose 0.7% Thursday and pulled closer to its record set earlier this month. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite climbed 1.6%.
Nvidia was the strongest force lifting the market and more than offset drops for the majority of the stocks within the S&P 500. The chip giant not only blew past analysts’ expectations for profit but also gave a better-than-expected forecast for revenue growth. That helped calm worries dogging the broader AI industry. Treasury yields ticked higher.
On Thursday:
The S&P 500 rose 55.29 points, or 0.7%, to 7,730.99.
The Dow Jones Industrial Average rose 105.56 points, or 0.2%, to 53,569.44.
The Nasdaq composite rose 411.16 points, or 1.6%, to 26,541.35.
The Russell 2000 index of smaller companies rose 8.44 points, or 0.3%, to 3,014.34.
For the week:
The S&P 500 is up 56.62 points, or 0.7%.
The Dow is up 292.43 points, or 0.5%.
The Nasdaq is up 360.90 points, or 1.4%.
The Russell 2000 is down 3.53 points, or 0.1%.
For the year:
The S&P 500 is up 885.49 points, or 12.9%.
The Dow is up 5,506.15 points, or 11.5%.
The Nasdaq is up 3,299.36 points, or 14.2%.
The Russell 2000 is up 532.43 points, or 21.5%.
