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Stock market today: S&P, Dow hit record highs as Nvidia ignites global rally

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Stocks powered higher as investors celebrated Nvidia's blowout results, which beat sky-high expectations and revived the AI frenzy.

US stocks soared on Thursday as blockbuster earnings from AI darling Nvidia ignited a global rally across the major indexes, eclipsing concerns about the Federal Reserve's caution over interest-rate cuts. The tech-heavy Nasdaq shot up more than 3% on the heels of the chipmaker's results, while the S&P 500 jumped about 2.2%. The Dow Jones Industrial Average popped almost 1.4%, or more than 500 points.

That reassured investors about the strength of the AI mania that has lifted US stock gauges to record highs. The chipmaker's CEO said generative AI has "hit the tipping point" as it reported a 265% rise in revenue and laid out very upbeat guidance, a sign demand for AI hardware is booming. Nvidia shares climbed about 15% to hit a record high.

 

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US Stocks Slip as Investors Await Nvidia Earnings, Fed MinutesUS stocks slipped on Wednesday as investors counted down to high-stakes earnings from AI darling Nvidia (NVDA) and the release of Federal Reserve minutes which reiterated the central bank's focus on not cutting interest rates too soon.
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