US stock market ends higher led by tech stocks, easing tariff tensions; Nvidia, Microsoft, Tesla shares jump 3% each
US stock market ended higher on Thursday, extending its rally for a third straight session, led by technology stocks and as investors watched for signs of progress in the US-China tariff stand-off.
Nasdaq led the gains among the three major US stock indexes, boosted by sharp rally in the ‘magnificent seven’ group of artificial intelligence-related megacaps.
The Dow Jones Industrial Average rose 486.83 points, or 1.23%, to 40,093.40, the S&P 500 gained 108.91 points, or 2.03%, to 5,484.77 and the Nasdaq Composite gained 457.99 points, or 2.74%, to 17,166.04.
Beijing called for cancellation of US tariffs on Chinese goods, following comments from US Treasury Secretary Scott Bessent signaling the White House could be willing to de-escalate trade tensions that have whipsawed markets for weeks, Reuters reported.
Of the 11 major sectors of the S&P 500 all but consumer staples advanced, with technology shares enjoying the largest percentage gains, up 3.5%.
Meanwhile, on the data front, stronger-than-expected new orders for durable goods and rangebound jobless claims painted a picture of economic resilience.
Stock Movement
Alphabet shares gained 2.38% and jumped 4.63% in extended trading hours, after the Google parent reported first-quarter revenue and profit that exceeded analysts’ expectations.
Microsoft stock price rallied 3.45%, Nvidia share price rose 3.62% and Apple stock price advanced 1.84%. Tesla stock price added 3.50%. ServiceNow stock price jumped 15.5%, while Hasbro shares spiked 14.6%.
Procter & Gamble shares declined by 3.7% and PepsiCo share price plunged 4.9%.
Advancing issues outnumbered decliners by a 5.84-to-1 ratio on the NYSE. There were 50 new highs and 30 new lows on the NYSE, Reuters reported.
On the Nasdaq, 3,401 stocks rose and 1,005 fell as advancing issues outnumbered decliners by a 3.38-to-1 ratio.
Volume on U.S. exchanges was 14.95 billion shares, compared with the 19.15 billion average for the full session over the last 20 trading days.
(With inputs from Reuters)
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