NEW YORK (AP) — Wall Street rolled to more records on Thursday as Nvidia and Intel led a rally for technology stocks after announcing a deal that includes a $5 billion investment.
The S&P 500 rose 0.5% and is on track for a third straight winning week. The Dow Jones Industrial Average added 124 points, or 0.3%, and the Nasdaq composite climbed 0.9%. All three set all-time highs.
Intel soared 22.8% for its best day since 1987 after Nvidia said it would buy $5 billion of the chipmaker’s stock. It’s part of a collaboration where the pair will develop products for data centers and personal computers. Nvidia climbed 3.5% and was by far the strongest force lifting the S&P 500 because it’s Wall Street’s most valuable company.
Encouraging reports on the economy sent Treasury yields climbing in