Wall Street climbed on Thursday after Nvidia released exceptionally strong earnings, which significantly boosted market sentiment towards Artificial Intelligence (AI) equities.
AI chip giant Nvidia, which remains the most valuable company on Wall Street, saw its share price rise by 5% after the firm reported a robust quarterly profit that exceeded analysts’ estimates. It also provided a revenue forecast that, once again, easily surpassed market expectations.
In addition, investors were further encouraged by solid September jobs data, which indicated a resilient US economy.
A Labor Department report issued on Thursday showed that recruitment by US employers was stronger in September than economists had anticipated, although the unemployment rate also deteriorated marginally.
In September, the non-farm payrolls rose by 119,000, more than double the estimated 50,000 gain.
At the opening bell, the Dow Jones Industrial Average rose 428.7 points, or 0.93%, to 46567.51. The S&P 500 rose 95.8 points, or 1.44%, to 6737.93, while the Nasdaq Composite rose 492.8 points, or 2.18%, to 23057.001.
Bullion Market
Gold prices were flat on Thursday, as investors digested a delayed US jobs report.
As of 9:25 AM ET (1425 GMT), spot gold was up 0.1% at $4,083.95 per ounce. US gold futures for December delivery rose 0.1% to $4,083.30 per ounce.
In other metals, spot silver fell 0.7% to $51.02 per ounce, platinum fell 0.2% at $1,543.15 and palladium added 2.2% to $1,410.16.
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