Stock Rally Is Deepening Beyond AI-Fueled Craze: Markets Wrap
- S&P 500 tops 4,400, notching a sixth consecutive day of gains
- Dow Average extends advance from September low to almost 20%
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The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market.
Bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day. All of its major groups gained. The Dow Jones Industrial Average extended its surge from a September low to nearly 20%, while the Nasdaq 100 hit the highest since March 2022.