The Dow Jones Industrial Average topped 50,000 points for the first time on Friday as investors rallied in response to a rout in tech stocks earlier in the week.
The closely watched index rose above 50,000 for the first time after 2 p.m. during Friday’s trading session after rising more than 1,000 points on the day, which represents a gain of more than 2.2%.
Chip stocks surged on expectations they would benefit from increased spending on artificial intelligence (AI) data centers by Amazon and Google parent company Alphabet.
Shares in Nvidia, Advanced Micro Devices and Broadcom all rose by more than 7%. Amazon’s stock fell nearly 7% after announcing it planned to ramp up capital expenditures by more than 50% this year amid the AI race following a similar announcement by Alphabet on Wednesday.
This is a developing story. Please check back for updates.
Reuters contributed to this report.
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