US stocks lost steam Friday but powered through a dizzying week of record breaking stoked by AI chipmaker Nvidia's (NVDA) blowout earnings.
The S&P 500 (^GSPC) rose just above the flatline, notching a new closing high, while the Dow Jones Industrial Average (^DJI) increased 0.2%, or about 60 points, claiming a fresh record of its own. The Nasdaq Composite (^IXIC) headed in the opposite direction, finishing down 0.3% after a blockbuster week.
Investors appeared to catch their breath after a worldwide breakout, which added about $277 billion to Nvidia's market value for the biggest single-day gain in Wall Street history. The chipmaker's shares continued their rise Friday, pushing the company close to a $2 trillion valuation.
Beyond the AI frenzy, the chances of a US interest rate cut are coming back into view for the market. A parade of Federal Reserve officials underlined that cuts are coming, but not soon — though they differed on just when the shift might start.
A solid fourth quarter earnings season is winding down, with more than one-third of reports so far beating estimates. An upbeat earnings forecast from Block (SQ) was followed by a 16% jump in the fintech's shares, while Carvana (CVNA) stock popped about 30% as investors welcomed the used-car seller's first annual profit.
#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
Read more: https://finance.yahoo.com/news/stock-market-today-sp-500-dow-hit-fresh-records-as-wall-street-ends-nvidia-fueled-rally-week-123711842.html
The S&P 500 (^GSPC) rose just above the flatline, notching a new closing high, while the Dow Jones Industrial Average (^DJI) increased 0.2%, or about 60 points, claiming a fresh record of its own. The Nasdaq Composite (^IXIC) headed in the opposite direction, finishing down 0.3% after a blockbuster week.
Investors appeared to catch their breath after a worldwide breakout, which added about $277 billion to Nvidia's market value for the biggest single-day gain in Wall Street history. The chipmaker's shares continued their rise Friday, pushing the company close to a $2 trillion valuation.
Beyond the AI frenzy, the chances of a US interest rate cut are coming back into view for the market. A parade of Federal Reserve officials underlined that cuts are coming, but not soon — though they differed on just when the shift might start.
A solid fourth quarter earnings season is winding down, with more than one-third of reports so far beating estimates. An upbeat earnings forecast from Block (SQ) was followed by a 16% jump in the fintech's shares, while Carvana (CVNA) stock popped about 30% as investors welcomed the used-car seller's first annual profit.
#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
Read more: https://finance.yahoo.com/news/stock-market-today-sp-500-dow-hit-fresh-records-as-wall-street-ends-nvidia-fueled-rally-week-123711842.html