The broader S&P and NASDAQ indices are both closing at record levels. The gains in the NASDAQ was led by Nvidia which rose by over $60 or 5.16% to $1224.40. The market capitalization of Nvidia reached $3.012 trillion and close just above Apple ($3 trillion). The only US company with a higher capitalization is Microsoft at $3.15 trillion.
Recall Nvidia shares will split 10:1 on Monday. Since announcing earnings on May 22, Nvidia shares are up 28.2%.
A snapshot of the closing levels of shows:
- Dow Industrial Average average rose 96.04 points or 0.25% at 38807.34.
- S&P index rose 62.69 points or 1.18% at 5354.04.
- NASDAQ index rose 330.86 points or 1.96% at 17187.90
The small-cap Russell 2000 rose 29.92 points or 1.47% at 2063.67.
Catalysts for today’s stock move our lower rates once again. The 10 year rate is down 34 basis points over the last week of trading.
On Friday, the US jobs report will be released. It will be interesting if bad news (i.e. lower employment) is good news for stocks? Also as uncertain, is what will a stronger number do given the sharp move lower in yields seen over the last five – six trading days?
This article was written by Greg Michalowski at www.forexlive.com.
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