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The NASDAQ Composite rose into the green on Thursday as investors looked past the departure of Nvidia CEO Jensen Huang and bet it would not derail the whole AI trade.
The Dow Jones Industrial index surged 149.03 points to 52,635.52.
The broader index skidded 13.99 points to 7,633.37.
The tech-heavy NASDAQ pulled ahead of breakeven 33.86 points to 25,504.96.
Selling pressure on Nvidia eased a bit with the stock last down 4%. The shares were down double digits at one point after the company announced that Huang had resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy.
Investors moved into competitors of Nvidia, including Advanced Micro Devices and Broadcom, helping to bolster the market. AMD shares were up 4%, while Broadcom gained 5%.
Hyperscalers Microsoft and Alphabet — key buyers of Nvidia chips and leaders of the AI rally — also increased.
Stocks outside of technology such as JPMorgan and Eli Lilly traded higher as well.
Prices for the 10-Year U.S. Treasury tailed off, driving up yields to 5.10% from 5.01% Wednesday. Treasury prices and yields move in opposite directions. The bond market in the U.S. was closed Wednesday for Veterans Day.
Oil prices jumped 66 cents to $87.19 U.S. a barrel.
Gold prices ditched $117.80 to $3,882.50 U.S. an ounce.
