The Dow Jones New York Stock Exchange Index closed positive on Wednesday (Feb. 14), supported by investors buying stocks. After the market fell sharply last Tuesday, the market also received positive factors from the surge in Nvidia shares, as well as Uber and Lyft, two of which Providing bus calling services
The Dow Jones Industrial Average closed at 38,424.27 points, up 151.52 points or +0.40%, the S&P 500 Index closed at 5,000.62 points, up 47.45 points or +0.96%, and the Nasdaq Index closed at 15,859.15 points, up 203.55 points or +1.30%.
Nine of the 11 stocks in the S&P 500 closed in positive territory, led by the industrials index up 1.67% and the communications services index up 1.42%.
Indian stocks which is a major US chip maker. The market closed up 2.5%, pushing India’s market cap to $1.825 trillion. Overtaking Alphabet to become the company with the third-highest market cap on Wall Street now. After just making a record for having a high market cap, surpassing Amazon on Tuesday.
Invidia’s market cap surpasses leading tech companies like Alphabet and Amazon This is a sign that artificial intelligence (AI) chips produced by Invidia are in high demand. Investors will be keeping an eye on Invidia’s quarterly earnings release on Feb. 21, with analysts forecasting that Invidia’s annual sales will grow a strong 118% to 590.4 billion. Millions of dollars
Uber Technologies shares surge 15% to record high After the company revealed a program to buy back shares worth 7 billion dollars. The announcement of the project came after last week. Uber has revealed higher-than-expected profits and revenue for 4Q2023.
Shares of Elevator, an Uber competitor, soared 35% after the company posted higher-than-expected earnings for 4Q23.
Meta Platform and Tesla shares both rose more than 2%, supporting the S&P 500 index.
Super Micro Computer shares, a distributor of server equipment Soared more than 11% and supported the Russell 200 Index’s 2.4% gain, the strongest one-day gain since mid-December. 2023
Stocks related to the cryptocurrency market surged. After Bitcoin’s market cap surged past the $1 trillion level for the first time since Nov. 21, 2023, Coinbase, Marathon Digital, and Riot stocks rose. Riot Platforms soared more than 13%.
As for the outlook for the Federal Reserve’s (Fed) interest rate cut, the latest CME Group’s FedWatch Tool indicates that investors postponed their forecast for the first rate cut of this year by the Fed to June. from originally expected in May After the United States revealed the Consumer Price Index (CPI) was higher than expected in January.
2024-02-14 23:43:28
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