The S&P 500 and Dow Jones continued their good streak on Friday to close at another all-time high and all three Wall Street indices posted gains for the week.
Wall Street continues to celebrate after Nvidia’s balance sheet: S&P 500 and Dow Jones hit new records
Reuters
The chip maker Nvidiawhose shares rose once again on Friday and briefly traded above $2 trillion for the first time in market valuation, was the great driver of this frenzy. He S&P 500 and the Dow Jones They closed at another historical high and the three Wall Street indices recorded advances in the week.
Thursday’s reaction to its strong earnings led to Nvidia to add US$277,000 million in market value, the biggest daily rise ever recorded on Wall Street. And although the gains were milder on the last trading day of the week, its recent performance continues to dominate traders’ attention.
“Nvidia is one of the key companies, if not the key company, in driving the Nasdaq and the S&P 500”said Anthony Saglimbene, chief market strategist at Ameriprise. Saglimbene noted that investors have been pulling back on expectations of interest rate cuts so far in 2024.
And while this would traditionally be a potential headwind for markets, The performance of Nvidia and other large technology companies somewhat relegated the importance of the Federal Reserve’s decisions.
According to preliminary data, the S&P 500 it gained 0.04%, to finish at 5,088.78 points; while Nasdaq Composite It lost 0.3%, to 15,996.82 units. The Industrial Average Dow Jones It rose 0.2%, to 39,129.69 units.
Despite the enthusiasm for AI, several of the stocks of technology firms gave up a portion of their gains on Friday, and big names like Apple, Tesla and Meta platforms they went down
Most S&P sectors traded in positive territory. Among the best performing segments were public services – which was the only laggard the previous day – as well as materials and industries.
The actions of Warner Bros. Discovery They fell after the company reported a larger-than-expected quarterly loss, at a time when the media conglomerate faces the consequences of the two Hollywood strikes that affected content generation.
Source: Ambito
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