S&P 500 Tops 7,500 as AI Fuels Record-Breaking Run: Markets Wrap
Cisco jumped after the network-equipment maker delivered a better-than-expected sales forecast.
Photographer: David Paul Morris/BloombergA revival of the artificial-intelligence trade kept fueling momentum in stocks, with the market also rising after retail sales showed signs of consumer strength despite a war-driven surge in energy costs.
The record-breaking run in equities drove the S&P 500 above 7,500, led by gains in chipmakers. Nvidia Corp. climbed for a seventh straight day. A solid outlook from Cisco Systems Inc. lifted the shares by 15% — the most since 2011. Ford Motor Co. extended a surge driven by enthusiasm around firms that stand to benefit from power-hungry data centers. Cerebras Systems Inc. was indicated to open 82% above its listing price after this year’s top IPO.