Michael M. Santiago
U.S. stocks on Thursday pushed higher, as data showed a more robust expansion in the economy in the second quarter than previously estimated and helped traders see past a post-earnings drop in chip giant Nvidia (NVDA).
Growth sectors rebounded from the previous day’s slide, sending the tech-heavy Nasdaq Composite (COMP:IND) +0.81% to 17,698.77 points in afternoon trade. The blue-chip Dow (DJI) was +1.08% to 41,533.56 points, while the benchmark S&P 500 (SP500) was +0.70% to 5,631.29 points.
The attention was squarely focused on Nvidia (NVDA) on Wednesday. Its highly anticipated results showed fiscal second quarter revenue more than doubling Y/Y, amid continued demand from data centers for artificial intelligence (AI) chips. Analysts also heaped praise on the performance and said it was evidence that the AI craze was very much real.
However, for market participants now used to blowout results and guidance,…
