S&P 500 Closes at All-Time High

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US Stocks rallied on Friday, as the S&P 500 closed at all-time high of 4,839, adding 1.2%, the Dow Jones surged 395 points and the Nasdaq advanced 1.7%. The technology sector led the session’s gains as chip makers extended their rally, fueled by Taiwan Semiconductor’s better-than-expected forecast the previous day and optimism around AI. Nvidia reached a new record high of $594.91 with a 4.2% increase, Advanced Micro Devices surged by 7.1%, and Texas Instruments soared by 4%. On the earnings front, Travelers Company jumped 6.7% after the insurer’s fourth-quarter profit more than doubled, while Fifth Third Bancorp added 2.9% after beating estimates for both revenue and earnings. Moreover, Michigan consumer sentiment unexpectedly reached 2021 highs, and inflation expectations for the year ahead fell to the lowest in three years. For the week, the S&P 500 rose 1.1%, the Nasdaq jumped by 2%, and the Dow Jones ended 0.5% higher.

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