The S&P 500 index hit a historical record by surpassing the 6,500 mark. This milestone followed the quarterly results of Nvidia, prompting a positive reaction from investors.
Historical Record for S&P 500
The S&P 500 rose 0.3% during trading, establishing a new historic high. The Nasdaq Composite increased by 0.6%, while the Dow Jones added 81 points, or 0.2%.
Nvidia's Report and Its Implications
Investors viewed Nvidia's report as confirmation of continued growth in the AI sector, despite some weak spots. Nvidia reported a 56% revenue growth, beating Wall Street expectations, but the data center revenue came in just shy of forecasts.
Economic Indicators and Forecasts
The recent GDP update confirmed a growth rate of 3.3% year-over-year, surpassing previous estimates. This is expected to influence upcoming inflation data as well.
The S&P 500's historic milestone at 6,500 points resulted from positive earnings reports and optimistic economic data that energized the market and bolstered growth expectations.
