STORY: Wall Street's main indexes posted record-high closes on Thursday, with the Dow adding more than a quarter of a percent, the S&P 500 climbing nearly half a percent and the tech-heavy Nasdaq rallying nearly 1%.
Intel clinched its biggest daily gain since October 1987, jumping nearly 23% after Nvidia said it would invest $5 billion in the struggling U.S. chipmaker.
Shares of Nvidia rose 3.5%.
The news came a day after markets cheered a quarter-percentage point interest rate cut from the Federal Reserve.
Ross Mayfield is investment strategist at Baird Private Wealth Management.
“The market has decided, look, we've got no recession on the horizon, a rate cut, and a Fed that says they're going to cut rates more than they had said at their June meeting. And then you have the AI tailwind that seemingly is not quitting. [FLASH] It's kind of that Goldilocks cocktail that we, you know, we talk about that the market is always searching for. It's not perfect, but we're pretty close to it right now.”
Other stocks on the move Thursday included CrowdStrike which gained nearly 13% after at least nine brokerages raised their price target on the stock.
: Darden Restaurants
Shares of Darden Restaurants fell more than 7.5% after the Olive Garden parent reported weak quarterly results.
And shares of cybersecurity firm Netskope soared more than 18% in their Nasdaq debut, adding to a string of successful tech IPOs this year.
