The New York Stock Exchange rose sharply on Thursday, with new all-time highs for the Dow Jones and the S&P 500, buoyed by Nvidia's leap forward in the wake of quarterly results deemed impressive.

In late morning trading, the Dow Jones gained 0.7% to 38,884.8 points after setting a new record at 38,994.5.

The S&P 500, the benchmark index for portfolio managers, gained 1.7% to 5064.8 points after setting a new high above 5066.8 points.

The trend was buoyed by the euphoria surrounding Nvidia's much better-than-expected results published last night, which rekindled investor interest in AI and technology in general.

Nvidia reassured investors last night by announcing quarterly results well ahead of expectations, and by once again raising its targets.

The main driver of the S&P 500's rise since the beginning of the year, the processor designer's stock was by far the biggest gainer on the S&P 500, with a 13% gain.

The publication really boosted the market's morale", said one trader, recalling that the chipmaker's shares have soared by over 200% in less than a year, from a price of 230 in February 2023 to a value of over 725 dollars today.

Other semiconductor stocks, such as AMD (+11%) and Micron Technology (+5%), are also benefiting from this upward trend.

On the indicators front, the announcement of a further fall in jobless claims further reduced the likelihood of a Federal Reserve interest rate cut as early as next month.

But the US private sector saw its growth slow in February, according to S&P Global, whose composite PMI index came in at 51.4 in a flash estimate, after having reached 52 the previous month, its highest since July 2023.

Sales of existing homes rose slightly more strongly than expected in January in the United States, thanks in particular to an acceleration of the market in the Midwest, South and West of the country.

The statistic rose by 3.1% at an annualized rate of four million units, according to figures released Thursday by the National Association of Realtors (NAR).

The dollar reacted little to these statistics, still trading around 1.0815 to the euro, but the yield curve steepened on the bond market, with ten-year paper stretching above 4.32%

AT&T (-3%) suffered one of the biggest declines on the S&P 500 index as its telephone network was seriously disrupted by a major outage affecting tens of thousands of mobile customers.

Copyright (c) 2024 All rights reserved.