Nvidia Drives US Stock Indexes Higher on Strong Earnings
US stock indexes rose on Thursday, August 27, led by technology stocks after several major companies reported stronger-than-expected profits. Nvidia was a significant driver of the market's gain, with its shares outperforming many others in the S&P 500 index.
Nvidia not only exceeded analyst expectations for profit but also provided a more optimistic forecast for revenue growth, which helped alleviate concerns about the broader AI industry.
The S&P 500 rose by 0.7%, or 55.29 points, to close at 7,730.99. The Dow Jones Industrial Average increased by 0.2%, or 105.56 points, to finish at 53,569.44. Meanwhile, the Nasdaq composite gained 1.6%, or 411.16 points, reaching a closing value of 26,541.35.
Despite the upward trend, Treasury yields did tick higher on Thursday.