Global Equities Rise as Tech Stocks Lift Major Indexes
Global stocks rose Thursday as technology gains and Cisco earnings lifted indexes. Investors monitored a U.S.-China summit while oil prices edged lower.
Global equity indexes advanced on Thursday as strong demand for technology shares and cooling oil prices pushed the S&P 500 and Nasdaq to record highs. The Dow Jones Industrial Average rose 389.35 points, or 0.78%, to 50,082.49, while the S&P 500 climbed 64.59 points, or 0.87%, to 7,508.83 and the Nasdaq Composite gained 276.21 points, or 1.04%, to 26,677.36. Investors monitored a high-stakes summit between the United States and China, with the rally suggesting priorities on artificial intelligence growth over geopolitical tensions.
### AI Optimism Drives Record Market Highs Technology heavyweights led the market surge following reports that the U.S. cleared 10 Chinese firms to purchase the H200 AI chip from NVIDIA CORP. Sentiment was further bolstered by CISCO SYSTEMS INC, which saw shares jump 15% after its latest earnings report and job cut announcement. Natixis Investment Managers strategist Garett Melson noted that the "AI trade is really on fire right now."
