NEW YORK (AP) — U.S. stocks rose Wednesday and erased their losses for the week so far, as Nvidia and other technology companies led the way.
The S&P 500 added 0.8% for a second straight gain following Monday’s swoon, when stocks dropped as investors tried to separate potential losers from winners in the artificial-intelligence boom.
The Dow Jones Industrial Average rose 307 points, or 0.6%, and the Nasdaq composite climbed 1.3%.
Nvidia was one of the strongest forces lifting the market and rose 1.4% ahead of its highly anticipated profit report, which arrived after trading ended for the day. The company whose chips are at the center of the AI revolution once again reported profit for the latest quarter that topped analysts’ expectations. It also said it expects to make roughly $78 billion in revenue this quarter, when analysts had been forecasting less than $72.3 billion.
Because Nvidia has grown to become the U.S. market’s largest stock by value, it has more influence on the S&P 500 than any other company.