A US-brokered ceasefire between Israel and Iran that sparked higher crude prices also boosted market confidence
The S&P 500 and Nasdaq Composite hit all-time highs on Friday as megacap stocks surged on renewed AI enthusiasm and the prospect of a looser monetary policy, powering a recovery in US stocks from a months-long rout.
The benchmark index rose 0.2 per cent to 6,154.81 points, surpassing the previous peak of 6,147.43 on February 19, while the tech-heavy Nasdaq gained 0.3 per cent to 20,229.31 points, exceeding its record high of 20,204.58 on December 16.
Markets rallied this week as an upbeat forecast from chipmaker Micron brought back investor confidence around artificial intelligence, while AI bellwether Nvidia hit a record high to reclaim its position as the world’s most valuable company.
Nvidia CEO Jensen Huang unveils plan to build ‘AI supercomputer’ in Taiwan
