On Thursday, stocks hit all-time highs in the wake of semiconductor leader Nvidia’s spectacular quarterly results release, which far surpassed forecasts and bolstered the tech industry and overall market.
While the Nasdaq Composite experienced its biggest one-day gain since February 2023, the S&P 500 recorded a robust 2.1% climb. Also rising by 449 points, or around 1.1%, the Dow Jones Industrial Average broke beyond the 39,000 mark for the first time ever. For the major indices, these advances contributed to ending a three-day losing streak.
The news that Nvidia had reported a staggering 265% growth in total revenue year over year—largely due to its booming artificial intelligence segment—saw the company’s stock price rocket over 15% to an all-time high. Moreover, Nvidia, which is among the most valuable firms in the United States, predicted robust revenue growth for the current quarter, exceeding even its own lofty forecasts for large increase.
Source (CNBC)
