S&P 500 closes over 6,500 for the first time as Nvidia results validate AI boom

The S&P 500 scored another record close on Thursday as traders pored over Nvidia’s

 earnings results and forecast. Investors largely looked at the numbers as affirming the AI boom.

The broad market index finished 0.32% higher at 6,501.86 after hitting a new all-time intraday high above the 6,500 level. The Nasdaq Composite

 ended the day up 0.53% at 21,705.16, while the Dow Jones Industrial Average

 rose 71.67 points, or 0.16% to end at 45,636.90, which was also  record.

Nvidia – which makes up about 8% of the S&P 500, per FactSet – reported second-quarter results that beat Wall Street’s estimates with booming revenue growth of 56%. 

There were a couple initial concerns: first, revenue for its data center business was a hair under estimates. Second, the company guided overall revenue for this quarter of $54 billion, only slightly above expectations of $53.1 billion of analysts polled by LSEG.