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U.S. stock market trend | Dow Jones closes up 370 points, surpassing 50k for the first time; S&P 500 rises above 7,500 for the first time
Artificial intelligence (AI) trading is heating up, coupled with market anticipation of a meeting between U.S. President Xi Jinping and Trump, which could further ease trade tensions between the two countries, boosting market sentiment. U.S. stocks continued to perform well on Thursday, with the S&P 500 and Nasdaq both reaching record highs at the open and at the close. The S&P 500 closed above 7,500 points for the first time, and the Dow Jones surpassed the 50k-point mark again.
After opening 150 points higher, the Dow’s gains expanded to as much as 507 points, reaching 50,200 points; the S&P 500 once rose 0.98% to 7,517 points; led by technology stocks, the Nasdaq increased by up to 1.15%, reaching 26,707 points.
Among heavyweight stocks, Nvidia closed up 4.4%, marking seven consecutive trading days of gains; Microsoft rose 1%, while Alphabet retreated 0.4%. Cisco Systems benefited from AI, optimistic about its revenue outlook for this quarter, with its stock soaring 13.4%, the largest increase since 2011, and hitting a new high.
New Relief Program Expected to Help 211k People
In the U.S. market close, the Dow rose 370 points, the S&P 500 increased 0.77%, and the Nasdaq gained 0.88%. European stocks all moved higher, with the UK, France, and Germany rising 0.46%, 0.93%, and 1.32%, respectively. The cryptocurrency leader Bitcoin fluctuated and rose 0.44% to $80,026.
The U.S. Department of Labor announced that, for the week ending May 9, initial unemployment claims increased by 12k to 211k, exceeding the forecast of 205k, while continuing claims for unemployment benefits for the week ending May 2 increased by 24k to 50k, slightly above the expected 1.78 million.
Additionally, the U.S. Department of Commerce reported that retail sales in April increased by 0.5% month-on-month for the third consecutive month, in line with estimates. Excluding autos and gasoline, sales grew by 0.5%, beating the expected 0.3% increase, indicating consumer resilience despite soaring gasoline prices. Out of 13 retail categories, 9 recorded gains, including sporting goods, online sales, and electronics.