Home » Nvidia’s market value tops $2 trillion, pushing U.S. stocks higher – Wall Street Journal

Nvidia’s market value tops $2 trillion, pushing U.S. stocks higher – Wall Street Journal

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Nvidia’s market value tops $2 trillion, pushing U.S. stocks higher – Wall Street Journal

U.S. Stocks Continue Strong Performance: Nvidia Hits New High, S&P 500 Reaches 15th All-Time High

On Friday, U.S. stocks extended their impressive performance with Nvidia hitting a new high and the S&P 500 reaching its 15th all-time high of the year. This marks the 16th weekly gain for the S&P 500 in the past 18 weeks, a trend reminiscent of 1971 when Three Dog Night’s “Joy to the World” dominated the music charts.

Across the board, all three major stock indexes saw gains on Friday, with the Dow Jones Industrial Average rising by 0.2%, the S&P 500 falling slightly by 0.8%, and the Nasdaq Composite Index leading the pack with a 1.1% increase, also hitting a new high. Semiconductors were the driving force behind these gains, with companies like Intel, Qualcomm, Advanced Micro Devices, Broadcom, and Micron all posting significant increases.

Nvidia, in particular, stood out as its shares rose 4%, propelling the company’s market capitalization to over $2 trillion in just 180 trading days after crossing the $1 trillion mark. Additionally, energy investors saw positive results as U.S. benchmark crude oil prices rose to $79.97 a barrel, leading to gains for oil and gas producers, refiners, drillers, and tanker operators.

However, not all stocks saw positive movement. New York Community Bancorp experienced a significant setback on Friday, with its shares plunging 26% after the discovery of major flaws in loan controls, resulting in the replacement of its chief executive and a $2.4 billion charge. This incident had a ripple effect on bank indexes throughout the region.

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In other news, utilities emerged as the worst-performing sector in the S&P 500, partly due to declines in Xcel Energy’s shares following potential liability claims related to the Texas wildfires. On a more positive note, the Wall Street Journal reported that Boeing was in talks to acquire Spirit AeroSystems, causing Spirit AeroSystems’ shares to surge 15%, while Dell Technologies reported a substantial backlog of orders for artificial intelligence servers, leading to a 32% increase in its shares.

Overall, Friday was a day of mixed results in the stock market, with some sectors experiencing notable gains while others faced challenges. Investors will be closely watching for any further developments as the market continues to evolve.

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