SIA:CC - Dow Vaults 400+ NASDAQ Skyrockets on Nvidia Strength
The S&P 500 surged to new highs on Thursday after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader market and tech sector.
The Dow Jones Industrials popped 456.87 points, or 1.2%, to 39.069.11, to surpass 39,000 for the first time ever and close at a new high.
The much-broader Index jumped 105.23 points, or 2.1%, to 5,087.03.
The NASDAQ index soared 460.75 points, or 3%, to 16,041.62, for its best day since February 2023,
Those increases helped the major averages snap a three-day losing streak.
Shares of Nvidia popped 16.4% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago — driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.
Other tech names were also higher. Facebook parent Meta gained 3.8% and Amazon progressed 3.5%. Microsoft and Netflix each advanced more than 2%.
Prices for the 10-year Treasury fell, raising yields to 4.33% from Wednesday's 4.32%. Treasury prices and yields move in opposite directions.
Oil prices gained 51 cents to $78.42 U.S. a barrel.
Gold prices dipped 20 cents to $2,034.10.