Connect with us


AI frenzy pulls Wall Street higher despite DC’s debt troubles

AI frenzy pulls Wall Street higher despite DC’s debt troubles


Share this article without paywall.

NEW YORK Wall Street’s frenzy over artificial intelligence helped push the stock market higher on Thursday, even as concerns mount over political rancor in Washington.

The S&P 500 rebounded 0.9% after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush to AI. That helped the Nasdaq composite jump 1.7%, while the Dow Jones Industrial Average slipped 35 points, or 0.1%.

Wall Street Financial Markets

Traders work on the floor of the New York Stock Exchange in New York on May 25.

Seth Wenig, Associated Press

Because it is one of Wall Street’s most valuable stocks, Nvidia’s 24.4% rise was the strongest force pushing up on the S&P 500. Its forecast of around $11 billion in revenue for the current quarter beat analysts’ expectations for less than $7.2 billion. Nvidia stock has already more than doubled this year and its total value is approaching $1 trillion.

Shares of other chipmakers also rose after Nvidia described a race by its customers to embed AI into every product, service and business process. Advanced Micro Devices gained 11.2%.

People also read…

Some Big Tech stocks rallied, adding to recent gains fueled by AI enthusiasm. The field has become so hot that critics are warning of a possible bubble, while proponents say it could be the last revolution to reshape the global economy. Microsoft gained 3.8% and Google’s parent company Alphabet rose 2.1%.

They helped lift the indexes even as the majority of stocks fell on fears the US government was closing in on a possible debt default. Washington could run out of cash to pay its bills as early as June 1, unless Congress allows it to borrow more.

In total, the S&P 500 rose 36.04 points to 4,151.28. The Dow slipped 35.27 to 32,764.65 and the Nasdaq gained 213.93 to 12,698.09.

Debt ceiling talks teeter on the brink as lawmakers leave town for the weekend without a deal

Debt ceiling explained: White House and Republicans scramble for deal as default looms

In the bond market, yields rallied after reports suggested the economy was doing better than expected.

One said fewer workers applied for unemployment benefits last week than expected. It’s a signal that the labor market remains remarkably strong, even as manufacturing and other sectors of the economy slow under the weight of much higher interest rates.

Another report estimated that the US economy grew at an annual rate of 1.3% in the first three months of the year, stronger than the 1.1% previously forecast.

Stock markets overseas were mostly weaker, but the declines were more subdued than in previous days.

Germany’s DAX lost 0.3% after data showed its economy contracted in the first three months of the year, the second quarter in a row.

Hong Kongs Hang Seng fell 1.9% amid concerns China’s economic recovery after the government eased pandemic restrictions is faltering. Shanghai shares fell 0.1%.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]