S&P 500 Reaches Record High of 5,500, Powered by Nvidia's Market Dominance: Stay Updated with Live Coverage

Money | June 20, 2024, 8:34 a.m.

On May 11, 2023, traders on the floor of the NYSE witnessed the S&P 500 breaking through 5,500 for the first time ever fueled by an artificial intelligence-driven rally in Nvidia. The broader market showed mixed signals, with the Nasdaq Composite seeing a slight dip and the Dow Jones Industrial Average rising. Nvidia, the chipmaker, continued its impressive run, surpassing as the most valuable public company, despite concerns about a potential economic slowdown. While Darden Restaurants reported positive earnings, Trump Media & Technology Group faced a decline. Economic data released indicated signs of a slowing economy, yet stocks remained on track for a winning week with the ongoing excitement surrounding AI. Market experts remained cautious, drawing parallels to the dot-com bubble but acknowledging the current market momentum. Overall, the market is at an all-time high, driven by AI innovations and investor optimism.