[New York Stock Exchange] S&P 500 and Nasdaq Hit Record Highs, While the Dow Reclaims 50,000

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[Financial News] The three major U.S. stock indexes surged on the 14th local time, lifted by strong performances in artificial intelligence and technology shares. The Standard & Poor's (S&P) 500 and the Nasdaq Composite Index both set new records, while the Dow Jones Industrial Average reclaimed the 50,000 level for the first time in three months.
The S&P 500 rose 0.77% to 7,501.24, closing above 7,500 for the first time ever. The tech-heavy Nasdaq gained 0.88% to 26,635.22, also marking a fresh all-time high. The Dow finished 0.75% higher at 50,063.46. It was the first time since February that the Dow had closed above 50,000.
AI-related technology stocks, including NVIDIA Corporation, drove the gains. NVIDIA shares on the Nasdaq jumped 4.39% to close at $235.74, setting another record high. Its market capitalization swelled to about $5.71 trillion. The stock has risen more than 26% so far this year and nearly 70% over the past 12 months. On the same day, U.S. media outlets including Yahoo Finance reported that the United States Department of Commerce had approved purchases of NVIDIA's next-generation AI chip, the H200, for 10 Chinese companies. The approved buyers reportedly include Alibaba Group, Tencent, ByteDance, and JD.com. However, actual deliveries have not yet taken place. Investors grew more hopeful that tensions between the United States and China over AI semiconductors could ease somewhat.
AI-related stocks also extended their gains. Cisco Systems, Inc. (Cisco), a U.S. network equipment maker, soared 12% to a record high after reporting strong earnings and unveiling a restructuring plan centered on AI. The company raised its forecast for AI-related orders this year to $9 billion from $5 billion, citing a surge in demand for AI infrastructure.
Nebius Group also advanced 6.7% after its target price was raised. The company said quarterly revenue jumped 684% from a year earlier amid a sharp increase in demand for AI data centers. Shares of Cerebras Systems, an AI chip startup that debuted on the Nasdaq that day, also surged about 90% above the offering price.
Still, concerns about inflation are growing after both the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) for April came in above expectations. Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, said on the day that "the most urgent risk facing the U.S. economy right now is inflation."
 
pjw@fnnews.com Park Jong-won Reporter