[New York Stock Market] Nasdaq Hits Another Record High... Dell Surges 31%, Biggest Beneficiary

AI Drives Semiconductor Companies' Uptrend
S&P 500 Index Also Rises 0.8%
NVIDIA Closes Up 4.0%

The U.S. Nasdaq index set a new all-time high again after just one day. The boom in the artificial intelligence (AI) and semiconductor sectors continued to drive the overall upward trend of the index.

On the 1st (local time) at the New York Stock Exchange, the Nasdaq index closed at 16,274.94, up 183.02 points (1.14%) from the previous session.

This is an all-time high including both intraday and closing prices.

Based on the closing price, it surpassed 16,091.92 on the 29th of last month, just one day after reaching that level for the first time in 2 years and 3 months since November 19, 2021.

The previous intraday high for the tech-heavy Nasdaq index was 16,212.23, recorded on November 22, 2021.

The Standard & Poor's (S&P) 500 index also closed at 5,137.08, up 0.80% from the previous day, surpassing the 5,100 mark for the first time ever and setting a new record. The previous high was 5,096.27 from the day before.

Along with the Nasdaq and S&P 500, the Dow Jones Industrial Average, one of the three major stock indices, closed at 39,087.38, up 0.23%.

Following the previous day, the AI and semiconductor sectors continued their additional rally, driving a solid upward momentum across the indices.

NVIDIA, which surged 260% over the past 12 months, rose 4.0% at the close on this day as well. Rival Advanced Micro Devices surged 5.25%, hitting a new high. Meta's stock price also rose more than 2%.

According to AFP, U.S. PC and server manufacturer Dell Technologies became a beneficiary of the boom, soaring more than 31% after announcing earnings emphasizing AI business growth.

The U.S. stock market has been steadily rising over the past few weeks due to expectations of declining inflation and economic recovery in the United States.

On the other hand, New York Community Bancorp (NYCB), which triggered concerns about the deterioration of commercial real estate loans in the U.S., saw its stock price plunge more than 25%, darkening the industry's sentiment.