Wall Street Surges as AI Spending Fears Ease; Nasdaq Jumps 1.6 Percent
(MENAFN) U.S. equities rallied sharply as worries about runaway artificial intelligence (AI) spending eased, with chipmakers leading a broad rebound.
The Nasdaq Composite jumped 1.6%, or 400.31 points, to finish at 25,466.19. The S&P 500 climbed 1.31%, or 98.45 points, to 7,619.38, and the Dow Jones Industrial Average added 254.60 points, or 0.49%, to end at 52,486.49.
Investor anxiety fell as well. The Volatility Index (VIX), known as the market’s “fear index,” tumbled 9.66% to 17.58.
Nvidia drove much of the semiconductor rally, rising roughly 3% on Wednesday after earlier pressure from reports that CEO Jensen Huang was a target of foreign intelligence activities. Its recovery lifted the wider chip sector. Micron Technology surged 11.9%, Marvell Technology gained 9.3%, AMD climbed 7.3% and Broadcom rose 4%.
European markets finish the week higher
European equities also closed in positive territory across the board. The pan-European Stoxx Europe 600 gained 0.72% to 663.05 points.
Among the major national benchmarks, Germany’s DAX 40 led with a 1.2% rise to 26,662.77, followed by Britain’s FTSE 100, up 0.78% to 10,835.47, and France’s CAC 40, up 0.66% to 8,332.87. Spain’s IBEX 35 added 0.46% to close at 20,027.90, while Italy’s FTSE MIB rose 0.37% to 51,946.54.
The Nasdaq Composite jumped 1.6%, or 400.31 points, to finish at 25,466.19. The S&P 500 climbed 1.31%, or 98.45 points, to 7,619.38, and the Dow Jones Industrial Average added 254.60 points, or 0.49%, to end at 52,486.49.
Investor anxiety fell as well. The Volatility Index (VIX), known as the market’s “fear index,” tumbled 9.66% to 17.58.
Nvidia drove much of the semiconductor rally, rising roughly 3% on Wednesday after earlier pressure from reports that CEO Jensen Huang was a target of foreign intelligence activities. Its recovery lifted the wider chip sector. Micron Technology surged 11.9%, Marvell Technology gained 9.3%, AMD climbed 7.3% and Broadcom rose 4%.
European markets finish the week higher
European equities also closed in positive territory across the board. The pan-European Stoxx Europe 600 gained 0.72% to 663.05 points.
Among the major national benchmarks, Germany’s DAX 40 led with a 1.2% rise to 26,662.77, followed by Britain’s FTSE 100, up 0.78% to 10,835.47, and France’s CAC 40, up 0.66% to 8,332.87. Spain’s IBEX 35 added 0.46% to close at 20,027.90, while Italy’s FTSE MIB rose 0.37% to 51,946.54.
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