The Dow Jones Industrial Average surged to a record high on Thursday, gaining 243.63 points, or 0.59%, to close at 41,335.05. This milestone marks a significant recovery for the index as it rebounds from a recent steep sell-off. Key contributors to the Dow’s climb included major gains in Goldman Sachs, Intel, and Visa, reflecting strong performance in the financial and tech sectors.
In contrast, the S&P 500 ended the day marginally below the flatline at 5,591.96, while the Nasdaq Composite fell 0.23% to close at 17,516.43. The performance of the broader indices was weighed down by a decline in Nvidia shares, which dropped 6.4% despite reporting better-than-expected earnings and a positive outlook for the current quarter.
Ryan Detrick, chief market strategist at Carson Group, noted that while Nvidia’s revenue growth remains impressive at 122%, its earnings beat was smaller than previous quarters, leading to the stock’s decline. “Death, taxes, and NVDA beats on earnings are three things you can bank on. Here’s the issue, the size of the beat this time was much smaller than we’ve been seeing,” Detrick explained. He added that even with a raised future guidance, the bar was set higher this earnings season.
Economic indicators released on Thursday provided some support to the stock market. Weekly jobless claims decreased from the previous week, helping to ease recession concerns. Additionally, the second-quarter gross domestic product (GDP) growth was revised up to 3% from the initial estimate of 2.8%, offering a positive signal for economic health.
As investors digest these mixed signals, the Dow’s record close highlights a period of resilience in the market, driven by strong performances in select sectors. Meanwhile, the broader market reflects ongoing volatility influenced by individual stock performances and economic data.
I am Aparna Sahu
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