Dow Jones Market Watch Live: Stocks Soar to New Heights Amidst Optimistic Earnings

The Dow Jones Industrial Average and S&P 500 indexes have set another round of records, with the Nasdaq finishing just shy of its first record close since 2021, following Nvidia Corp.'s blowout earnings report. The chip maker's impressive results sparked a global risk-on surge, driving benchmark equity barometers in Japan and Europe to record levels.

The latest economic updates on Thursday included the latest reading on weekly jobless claims, which fell to a five-week low at 201,000. This positive news, combined with Nvidia's earnings report, helped propel the market higher. Semiconductor stocks from Japan to Europe rose, while shares of the chip maker itself surged more than 16%.

The whole market is having a strong day, essentially a relief rally after Nvidia didn't disappoint, said Louis Navellier, founder of Navellier & Associates. Growth and momentum names are leading the way, while utilities, consumer staples, and energy are in the red.

Nvidia's advance helped push the Nasdaq Composite to within striking distance of its first record close since November 2021. The index briefly traded above its previous record close before ending at 5,087.03 - its 12th record close so far this year. Meanwhile, the Dow Jones Industrial Average rose 105.23 points, or 2.1%, to close at 39,069.11 - its 13th record finish of 2024 and its biggest one-day percentage gain since December.

The impact of the Nvidia news has been worldwide, with everything in the semiconductor supply chain gaining. 'Everything that has the whiff of AI is rising,' said Brad Conger, deputy chief investment officer at Hirtle, Callaghan & Co. The good news from Nvidia's earnings report sparked a global risk-on surge, which helped propel benchmark equity barometers in Japan and Europe to record levels.

Overall, the market is reacting positively to Nvidia's earnings report, with many investors relieved that the chip maker didn't disappoint. This optimism has driven global markets higher, setting new records for the Dow Jones Industrial Average and S&P 500 indexes.

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