"The U.S. stock market roared back on Friday, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now. The S&P 500 rallied 2% for its best day since May. The Dow Jones Industrial Average soared 1,206 points, or 2.5%, and topped the 50,000 level for the first time, while the Nasdaq composite leaped 2.2%."
"They were the two strongest forces lifting the S&P 500, and they benefited from hopes for continued spending by customers diving into artificial-intelligence technology. Amazon CEO Andy Jassy, for example, said late Thursday it expects to spend about $200 billion on investments this year to take advantage of "seminal opportunities like AI, chips, robotics, and low earth orbit satellites." Such immense spending, similar to what Alphabet announced a day earlier, is creating concerns of its own, though."
The S&P 500 climbed 2% for its best day since May, the Dow added 1,206 points and topped 50,000, and the Nasdaq rose 2.2%. Chip stocks led the rally, with Nvidia up 7.8% and Broadcom up 7.1%, driven by expectations of continued AI-related customer spending. Major firms signaled massive investment plans—Amazon expects roughly $200 billion this year—raising questions about whether those investments will produce sufficient profits; Amazon shares fell 5.6%. The S&P still posted its third losing week in four. Software stocks were pressured by AI competition, Anthropic released free automation tools, bitcoin steadied above $70,000, and gold rose 1.8%.
Read at Fortune
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