The rally of tech stock, mainly prompted by the Artificial Intelligence boom, has brought another record day for the U.S. stock market.
The S&P 500 and Nasdaq Composite had a record close on Tuesday, The Dow Jones Industrial Average also finished high, and chipmaker Nvidia became the most valuable company in the world.
The S&P 500 jumped by 0.25% to finish at 5,487.03 points, marking the index’s 31st record close of 2024. Meanwhile, Nasdaq had its seventh straight record close, seeing a slight uptick of 0.029% to improve to 17,862.23 points. Finally, The Dow Jones ended the day at 38,834.86, a 0.15% increase on Monday’s close of 38,778.10.
The US stocks are benefiting from the fact that more investors want to get in on the tech stocks. This is particularly the case with Nvidia, which saw a jump of 3.51% to close at $135.58 per share. The company’s shares are 181.46% up year-to-date.
Nvidia’s market capitalization now stands at $3.34 trillion, which allowed it to surpass Microsoft as the world’s most valuable company. Microsoft has a market cap of $3.32 trillion after its stock experienced a slide of 0.45% to close at $446.34 per share.