By Natalie ShermanBusiness reporter, New York
Getty ImagesAmerica’s Nasdaq index, home to many tech companies, has hit a new high, which analysts attributed to optimism over artificial intelligence (AI).
The Nasdaq rose 0.9% on Thursday, to 16,091.92, formally rebounding from the slump that hit shares in 2021.
Investors expect AI to unleash a new wave of growth and have been snapping up shares of companies poised to benefit, like chipmaker Nvidia.
They are also increasingly optimistic about the path for the US economy.
The Dow Jones recovered late last year from losses that hit shares in 2022 as fears of inflation and higher borrowing costs prompted selling. The S&P 500 marked a similar recovery milestone in January.
On Thursday, the Dow ended 0.1% higher at 38,997, while the S&P closed up 0.5% at 5,096.27, another new high.
It marked a fourth month in a row that all three indexes have gained.
Chipmaker Nvidia, whose market value briefly…
