Stock Market Today: S&P 500 closes at record as Nvidia leads bullish run in tech
Investing.com-- The S&P 500 closed at record high Thursday, led by tech, as Federal Reserve Chair Jerome Powell reiterated rate cuts are on the table this year, adding to investor optimism that global central banks are expected to begin easing monetary policy measures in June.
By 16:00 ET (21:00 GMT), the S&P 500 rose 1% higher to close at a record high of 5,156.84, the Dow Jones Industrial Average was up 130 points, or 0.4%, the NASDAQ Composite jumped 1.5%.
NVIDIA Corporation (NASDAQ:NVDA) rose more than 4% to close at a fresh record high, driving the broader tech sector higher as the chipmaker continues benefit from optimism that the AI revolution will spur demand for chips.
As well as Nvidia, Micron Technology Inc (NASDAQ:MU) was also in rally mode, rising more than 3% after Stifel upgraded its the memory chipmaker to buy on expectations for a jump in memory demand.
In his second-day of testimony before Congress, Fed Chair Jerome Powell that the Fed is «not far» from reaching the confidence needed to cut interest rates this year, reiterating similar remarks from a day earlier.
Optimism that major central banks are set to cut rates as soon as June is gathering pace after the European Central Bank kept rates steady but cut its forecast on inflation, suggesting a faster pace of progress than previously.
European sovereign bonds, which trade inversely to yields, jumped on the news, pushing near-term U.S. Treasury yields, with the yield on the 2-year Treasury falling 4 basis points to 4.52%.
Kroger (NYSE:KR) stock rose nearly 10% after the food retailer forecast annual sales and profit largely above Wall Street estimates on higher demand for groceries at its stores as more Americans prepare meals at home amid
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