S&P 500 closes at record high as Nvidia nears $6 trillion milestone

The S&P 500 on Tuesday hit a record, as the index rose for a fourth straight day, supported by rising technology stocks, hopes for a positive earnings season, and a pause in oil’s recent surge.

The broad-based closed higher by 0.58%, its first record closing high since Aug. 13. The Nasdaq Composite also jumped 0.45%. It also hit a record high for the second time this week.

The S&P 500 and Nasdaq’s gains were overwhelmingly powered by gains in tech companies, such as chipmakers Marvell and Broadcom.

Nvidia, the world’s largest public company, also rose and moved closer to becoming the first company to ever reach $6 trillion in market value. Other trillion-dollar tech stocks also rose Tuesday. Microsoft, Amazon, SpaceX, Meta Platforms and Tesla shares all traded in the green.

Investors are also looking forward to the start of the third quarter’s earnings season, which begins in earnest next week with the country’s biggest banks reporting their results.

“Heading into the start of the earnings season, analysts and companies have been more optimistic than normal in their earnings outlooks for the third quarter,” said FactSet senior earnings analyst John Butters.

Artificial intelligence stocks are set to be a major…

Original source: https://www.nbcnews.com/business