The S&P 500 closed at a record high of 4,839.81 points for the first time in two years, up 1.23%, driven by a surge in chipmakers and technology stocks amid optimism surrounding artificial intelligence, Reuters reports.
This milestone confirms the S&P 500’s entry into a bull market since its low on October 12, 2022, ending a previous bear market. The rally was driven by chipmakers, with Nvidia climbing 4.2% and Advanced Micro Devices rallying over 7% after Super Micro Computer raised its second-quarter profit forecast.
The Philadelphia SE Semiconductor index soared 4% to a record high, while the S&P 500 information technology sector index jumped over 2% to record highs. The Nasdaq jumped 1.70%, and the Dow Jones Industrial Average rose 1.05%.
Microsoft and Apple, the world’s two most valuable companies, both saw gains of over 1%.
