NATIONAL NEWS

S&P 500 and Dow hit new highs as Nvidia fervor takes hold of Wall Street

Feb 22, 2024, 2:42 PM | Updated: 2:45 pm

A person looking at the NVIDIA Grace Hopper superchip...

A person looking at the NVIDIA Grace Hopper superchip at Gigabyte booth at COMPUTEX 2023 in Taipei. (Walid Berrazeg/SOPA Images/LightRocket/Getty Images/File via CNN Newsource)

(Walid Berrazeg/SOPA Images/LightRocket/Getty Images/File via CNN Newsource)

New York (CNN) —Stocks soared to new highs on Thursday after Nvidia, the third largest company on Wall Street, blew past earnings expectations and bolstered investor optimism on Wall Street.

The S&P 500 and Dow Jones Industrial Average both notched new record highs and the tech-heavy Nasdaq was within striking distance of its all-time high, reached in November 2021.

The Dow ended the day 457 points, or 1.2%, higher. The S&P 500 gained 2.1%, and the tech-heavy Nasdaq Composite was 3% higher.

Nvidia (NVDA) also reached a new record high on Thursday, popping 16.4% after reporting extraordinary earnings growth, fueled by the artificial intelligence boom.

Nvidia, a chipmaker whose technology is used to power AI, mentioned the term 67 times before taking any questions during its earnings call Wednesday.

Nvidia CEO Jensen Huang said in a statement on Wednesday evening that generative AI has now “hit the tipping point,” and that he expects more growth ahead. “Demand is surging worldwide across companies, industries and nations,” he said.

The California-based firm has seen its take-home income grow 769% year-over-year and the company’s full-year profits are up more than 580% from the year earlier.

Other chipmakers benefited from Nvidia’s good news. Shares of AMD (AMD) were 10.7% higher on Thursday morning and Microsoft (MSFT) was 2.4% higher.

Tech stocks also enjoyed a boost. Meta and Amazon were up 3.9% and 3.6%, respectively, and shares of Apple were 1.1% higher.

But some companies were left out of the fun: Intel, which laid out its plans to compete with Nvidia during a conference on Wednesday, fell by 1.1%.

The-CNN-Wire™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

KSL 5 TV Live

National News

Speaker of the U.S. House of Representatives Mike Johnson (R-LA) attends a news conference at Colum...

Haley Talbot, Lauren Fox and Clare Foran, CNN

Johnson calls on Columbia University president to resign during tense news conference

House Speaker Mike Johnson called on Columbia University’s president to resign Wednesday during a tense news conference.

5 hours ago

A Ford sign is shown at a dealership in Springfield, Pa., Tuesday, April 26, 2022. Ford is recallin...

Chris Isidore, CNN

Ford just reported a massive loss on every electric vehicle it sold

Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

6 hours ago

Mandatory Credit:	Mario Anzuoni/Reuters via CNN Newsource
Dateline:	LOS ANGELES, February 04, 2024...

Lisa Respers France, CNN

Taylor Swift’s elementary school teachers remember her as a young star

Turns out Taylor Swift doesn’t just speak now when it comes to writing, but has long had a reputation for being fearless.

8 hours ago

A Planned Parenthood sign is seen at a facility in Austin, Texas, Monday, Aug. 14, 2023. A federal ...

Jacques Billeaud and Jonathan J. Cooper, Associated Press

Arizona House advances a repeal of the state’s near-total abortion ban to the Senate

A proposed repeal of Arizona’s near-total ban on abortions has won approval from the state House.

8 hours ago

The Biden administration issued final rules Wednesday to require airlines to automatically issue ca...

David Koenig, AP Airlines Writer

Airlines will now be required to give automatic cash refunds for canceled and delayed flights

The Biden administration is setting new rules on airline fees and refunds. The Transportation Department said Wednesday that the final rules will spell out exactly when consumers are owed a refund for a delayed flight.

10 hours ago

Congress finalized legislation on April 23 that could lead to a nationwide TikTok ban, escalating a...

Brian Fung, CNN

Biden just signed a potential TikTok ban into law. Here’s what happens next

President Joe Biden signed a bill Wednesday that could lead to a nationwide TikTok ban, escalating a massive threat to the company’s US operations.

12 hours ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

S&P 500 and Dow hit new highs as Nvidia fervor takes hold of Wall Street