Following the remarkable quarterly results revealed by chip giant Nvidia, which bolstered the larger tech sector, the S&P 500 reached a record high on Thursday.
There was a 1.7% gain in the broad market index and a 2.4% increase in the Nasdaq Composite. The major averages were on the verge of reversing a three-day losing trend when the Dow Jones Industrial Average increased by 270 points, or nearly 0.7%.
After revealing a stunning 265% growth in overall revenue from a year ago, fueled by the robust performance of its artificial intelligence sector, Nvidia had a notable spike of more than 15% to hit a record high. Even though there were high hopes for significant growth, Nvidia—which is currently among the largest American corporations in terms of market capitalization—projected yet another strong revenue increase for the current quarter.
Source (CNBC)
