The economic data released on Thursday also boosted the stock market. The business software company reported a good balance sheet, which tempered the performance of Nvidia.
Wall Street rebounded on Thursday as investors sought to recover from the previous session’s falls and digested quarterly results from Nvidia and Salesforce.
The S&P 500 rose 0.8% and the Nasdaq Composite gained 1.3%. The Dow Jones Industrial Average rose 264 points, or 0.7%.
Nvidia fell 3% on Wednesday after reporting its latest results Wednesday afternoon. In its fiscal second quarter, the artificial intelligence chipmaker beat expectations on both revenue and profit, and posted an upbeat sales forecast for the current quarter.
Wall Street: Salesforce to the rescue
That decline was offset by a rally in Salesforce. Shares are trading higher after the enterprise software giant beat fiscal second-quarter estimates and raised its full-year profit outlook, though the stock was trading down 0.6% at the close.
wall street nyse stocks markets finances
Depositphotos
“This is actually incredibly positive and bullish, to have a market day where Nvidia, which is the bellwether for AI, is down and the broader market, especially tech and semiconductors, is sharply up on the day. This just speaks to the broadening we’re starting to see in this rally,” Scott Ladner, chief investment officer at Horizon Investments, was quoted as saying by Reuters.
Economic data released on Thursday also boosted the stock market. Weekly jobless claims fell from the previous week, further easing concerns about a recession. In addition, second-quarter GDP was revised up, with growth of 3% compared to the initial rate of 2.8%.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
