S&P 500 and Nasdaq Surge with Tech Giants
- S&P 500 jumps 1.6%, reaching 5,543.22 points, its fourth-best day this year.
- Nasdaq also rises, led by tech giants like Amazon, Nvidia, and Meta.
- U.S. stock market recovering with sixth straight gain, getting closer to all-time high.
Wall Street experienced a remarkable rally on Thursday, marking one of its best days of the year as new data indicated that the U.S. economy is performing better than anticipated. The S&P 500 surged by 1.6 percent, gaining 88.01 points to close at 5,543.22, achieving its fourth-best day of 2023 and extending its winning streak to six consecutive sessions. The positive momentum in the stock market comes after a period of volatility, suggesting a recovery is underway. The Dow Jones Industrial Average also saw substantial gains, rising 554 points or 1.4 percent to settle at 40,563.06. Meanwhile, the Nasdaq composite led the charge with a notable increase of 2.3 percent, climbing 401.89 points to reach 17,594.50. This surge was largely driven by a rebound in major technology stocks, including Nvidia, which has been a significant player in the market's recent fluctuations. Among the standout performers, Tesla shares jumped 6.34 percent, closing at USD 214.14, while Amazon's stock rose 4.40 percent to USD 177.49. Nvidia's shares also saw a strong performance, reaching a day-high of USD 123.24 before closing at USD 122.86, reflecting a 4.78 percent increase. Additionally, Meta Platforms, the parent company of Facebook, experienced a 2.01 percent rise, closing at USD 537.33 per share. Overall, the day's trading reflects a renewed investor confidence, particularly in the so-called "Magnificent Seven" stocks, which include major players like Tesla, Nvidia, and Amazon, highlighting their influence on the market's recovery trajectory.