U.S. Stocks rose today. The gains were driven by results from CoreWeave, which eased investor concerns regarding the sustainability of growth tied to artificial intelligence (AI). Stock market performance was also supported by shares of Nvidia, which stabilized after two consecutive steep declines.
Read more: Top 10 Finance TV Shows
U.S. Stocks Driven Higher by CoreWeave and Nvidia as Major Indexes Gain
The Dow Jones Industrial Average rose 254.6 points, or 0.49 percent, to 52,486.49 points. The broader Standard & Poor’s 500 index climbed 98.45 points, or 1.3 percent, to 7,619.38 points. The tech-heavy Nasdaq Composite increased by 400.31 points, or 1.6 percent, to 25,466.19 points.
Shares of CoreWeave advanced today after the company told investors it will achieve profitability in the first half of next year excluding certain one-time items. Shares also rose for Nvidia, whose market capitalization had dropped by 430 billion USD over the previous two trading days. That decline was triggered by reports that the company’s chief executive officer, Jensen Huang, had entered into a relationship with a woman suspected of spying for China. Nvidia stated that its board of directors has initiated an independent investigation.
Don’t miss out on: Wonderinterest Broker Review
U.S. Stocks Weighed Down by AI Regulation Fears, Dollar Gains Ahead of Fed Meeting
Stocks have been volatile in recent days due to concerns over stricter regulation of artificial intelligence following the Democrats’ sweeping victory in last week’s U.S. congressional elections. Alongside concerns regarding Nvidia’s leadership, this put pressure on a market otherwise experiencing rising stock prices. Conversely, investors were encouraged by falling oil prices, while data showing persistently high inflation pushed U.S. Treasury yields higher and sparked additional concerns, Reuters reported.
The U.S. dollar strengthened against major world currencies on foreign exchange markets today. Its exchange rate was supported by growing expectations that the U.S. central bank (Fed) will raise interest rates in December. The dollar index, which measures the value of the greenback against a basket of six major world currencies, rose 0.7 percent to 102.92 points. The euro weakened by 0.7 percent against the dollar and traded near 1.1088 USD. The dollar gained 0.72 percent against the Japanese yen to 159.85 JPY, while the euro edged down 0.04 percent against the yen to 177.26 JPY.
Read more: eToro – Review
Source: ČTK
Image source: Unsplash
