The Dow Jones Industrial Average reached a new record high, closing at 41,335.05 on Thursday, with gains from companies like Goldman Sachs, Intel, and Visa. The S&P 500 ended just below the flatline at 5,591.96, while the Nasdaq Composite slid 0.23% to 17,516.43 due to Nvidia’s 6.4% decline despite exceeding expectations in their fiscal second quarter. Economic data, including lower jobless claims and a revised higher second-quarter GDP growth of 3%, provided support for the stock market. However, some analysts expressed concerns about Nvidia’s smaller than expected beat on earnings, despite strong revenue growth of 122%. Chief market strategist Ryan Detrick noted that while Nvidia remains a strong and growing company, the market’s expectations may have been set too high this earnings season. Overall, Wall Street was attempting to bounce back from a recent sell-off earlier in the month, with positive economic data and record-high performances from some key companies contributing to the optimism in the market.
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Dow Jones Industrial Average Surges Over 200 Points to Reach Record High Close
