US Stocks Extend Record Climb as Cisco, AI IPO Boost Sentiment
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergUS equities rose as the artificial intelligence trade continued to drive gains across technology shares, powered by upbeat earnings from Cisco Systems Inc. and an AI IPO.
The S&P 500 Index advanced 0.4% Thursday, while the Nasdaq 100 Index gained 0.6% as of 9:40 a.m. in New York. Cisco’s double digit rally sent shares to a record after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs to focus on the fast-growing AI market.