Market Update: Stocks Rally on Thursday
On Thursday afternoon, the Nasdaq Composite increased by 1.3%, the Dow Jones Industrial Average rose by 1.1%, and the S&P 500 gained 1.0%, marking a recovery from the previous day’s losses. Goldman Sachs notably contributed 179 points to the Dow’s performance, accounting for approximately 30% of its gains.
In a significant corporate development, Nvidia announced its $12.9 billion acquisition of AI platform Hugging Face, resulting in a market value increase of about $73 billion, though its stock rose only 1.3% on the news. Meanwhile, SpaceX’s stock surged 7.8% and Tesla’s rose 7%, bolstering the Nasdaq’s performance.
While tech stocks generally enjoyed the rally, chip manufacturers experienced declines, with Broadcom falling 3.6% after offering lower-than-expected revenue guidance. The job report for August is set to be released tomorrow, with the market anticipating positive results ahead of the Federal Reserve’s upcoming meetings in mid-September.
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