Stocks rose on Wall Street, led by more gains in technology stocks as another chipmaker reported strong demand related to artificial intelligence.
The S&P 500 rose 1.3% Friday, and the Nasdaq rose 2.2%. The Dow added 1%.
Marvell Technology jumped 33% after saying it expects AI revenue to at least double in fiscal 2024 from the prior year. That follows Thursday’s report from fellow chipmaker Nvidia, which gave a big forecast for upcoming sales related to AI.
Investors were encouraged to see a pickup in consumer spending last month.
U.S. markets will be closed on Monday for Memorial Day.
On Friday:
The S&P 500 rose 54.17 points, or 1.3%, to 4,205.45.
The Dow Jones Industrial Average rose 328.69 points, or 1%, to 33,093.34
The Nasdaq composite rose 277.59 points, or 2.2% to 12,975.69.
The Russell 2000 index of smaller companies rose 18.42 points, or 1%, to 1,773.02.
For the week:
The S&P 500 rose 13.47 points, or 0.3%.
The Dow fell 333.29 points, or 1%.
The Nasdaq rose 317.79 points, or 2.5%.
The Russell 2000 fell 0.70 points, less than 0.1%.
For the year:
The S&P 500 is up 365.95 points, or 9.5%.
The Dow is down 53.91 points, or 0.2%.
The Nasdaq is up 2,509.21 points, or 24%.
The Russell 2000 is up 11.78 points, or 0.7%.
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