S&P Rallies to All-Time High

The S&P 500 surged Thursday to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector.

The Dow Jones Industrials popped 272.25 points to 38,884.49.

The S&P 500 jumped 77.33 points to 5,059.13.

The NASDAQ index recovered, and then some, up 362.89 points, or 2.3%, to 15,943.76.

Those increases put the major averages on track to snap a three-day losing streak.

Nvidia popped nearly 14% 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 and Amazon gained more than 3% and 2%, respectively. Microsoft and Netflix advanced more than 1%.

AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.

Prices for the 10-year Treasury stayed put, keeping yields at Wednesday’s 4.32%.

Oil prices gained 23 cents to $78.14 U.S. a barrel.

Gold prices skidded $2.90 to $2,031.40.