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Home»Stock Market»Dow, S&P 500 clinch fresh highs as Nvidia surges to record
Stock Market

Dow, S&P 500 clinch fresh highs as Nvidia surges to record

October 14, 2024No Comments2 Mins Read
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US stocks experienced a surge on Monday, with two major indexes reaching record highs as Nvidia led a risk-on rally that extended across various sectors, including cryptocurrencies.

The S&P 500 closed nearly 0.8% higher, hitting a fresh record above 5,800, while the Nasdaq Composite jumped nearly 0.9%. The Dow Jones Industrial Average also rose by almost 0.5%, closing above the 43,000 level for the first time.

Tech stocks, particularly chip giant Nvidia, saw significant gains, with Nvidia’s stock price climbing nearly 3% to a new high above $138 per share. Other semiconductor stocks like ASML, Arm Holdings, and Applied Materials also experienced surges.

The rally even extended to the cryptocurrency market, with Bitcoin up more than 5% to surpass $65,700 per coin. Ethereum also saw an increase of nearly 8% on the day.

Earnings reports took center stage as the first full week of third-quarter results began. The performance of big banks like JPMorgan Chase, Wells Fargo, Goldman Sachs, Citi, and Bank of America will play a crucial role in determining the trajectory of the stock market as it enters its second year of the bull market.

Uncertainty remains regarding potential future interest rate cuts by the Federal Reserve. Despite a benign jobs report and data showing stable consumer and wholesale inflation, the debate continues on whether the Fed will cut rates in November.

Overall, the stock market continues to show resilience and strength, with various sectors experiencing gains and investors closely monitoring earnings reports and Fed policy decisions to gauge the market’s future direction.

clinch Dow Fresh Highs Nvidia record surges
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