From Nasdaq, Inc.:

The S&P 500 closed at a record high due to optimism around artificial intelligence, marking the beginning of a bull market. The benchmark lost nearly 25% between its record high in January 2022 and its low in October 2022. The S&P 500 gained 58.02 points, the Nasdaq Composite gained 251.51 points, and the Dow Jones rose 384.15 points.

The S&P’s technology and semiconductor sectors hit record highs. Chipmaker stocks surged after Taiwan Semiconductor Manufacturing reported booming demand for high-end chips used in AI. Microsoft and Apple also rose, and stock investors were encouraged by a survey showing improved consumer sentiment in January.

Travelers Cos and State Street advanced on strong earnings reports, while iRobot slumped after a report said the EU’s competition watchdog plans to block Amazon’s acquisition of the robot vacuum maker. Semiconductor stocks Qualcomm, Marvell Technology, Nvidia, and Microchip Technology gained after Super Micro Computer lifted its second-quarter profit forecast, sending its shares soaring. Stock investors were also cheered by the University of Michigan’s preliminary survey showing consumer sentiment improved in January to its highest level since the summer of 2021.



Read more: US STOCKS-S&P 500 notches first record high close in 2 years on AI bets