A monster day for Microsoft following signals that its big spending on AI is translating into profits led a powerful rebound on Wall Street, while AI stocks regained some of their sharp recent losses.
The S&P 500 rallied 1.7 percent Thursday and more than recovered its drop from the prior day. The Dow Jones Industrial Average rose 1.2 percent, and the Nasdaq composite jumped 2.8 percent.
Microsoft delivered a bigger profit than analysts expected, which helped offset Meta Platforms’s drop after it raised its forecast for AI investments.
Longer-term Treasury yields held relatively steady a day after soaring on worries about inflation. Oil prices eased.
On Thursday:
The S&P 500 rose 121.48 points, or 1.7 percent, to 7,437.63.
The Dow Jones Industrial Average rose 613.92 points, or 1.2 percent, to 52,208.06.
The Nasdaq composite rose 679.24 points, or 2.8 percent, to 24,122.18.
The Russell 2000 index of smaller companies rose 39.79 points, or 1.4 percent, to 2,946.10.
For the week:
The S&P 500 is up 25.65 points, or 0.3 percent.
The Dow is up 260.81 points, or 0.5 percent.
The Nasdaq is up 146.35 points, or 0.6 percent.
The Russell 2000 is up 16.10 points, or 0.5 percent.
For the year:
The S&P 500 is up 592.13 points, or 8.6 percent.
The Dow is up 4,144.77 points, or 8.6 percent.
The Nasdaq is up 1,880.19 points, or 8.1 percent.
The Russell 2000 is up 464.19 points, or 18.7 percent.
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