Cisco Drives Dow Toward Record as AI-Fueled Rally Gains Momentum
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThe artificial intelligence trade is firing up even the staid blue-chip US equities benchmark as other gauges hit all-time highs. Technology stocks surged on upbeat earnings from Cisco Systems Inc. and an AI IPO.
The S&P 500 Index advanced 0.7% at 12:35 p.m. in New York on Thursday, while the Nasdaq 100 Index gained 0.8%. 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.