NEW YORK — Wall Street is barreling toward records Wednesday as technology stocks keep rushing higher. The rally sent the total market value of Nvidia, the stock that's become the poster child of the artificial-intelligence boom, above $3 trillion for the first time.
A frenzy on Wall Street around AI has catapulted stocks, almost regardless of what the broader economy and interest rates are doing. Nvidia rose another 5% to bring its gain for the year to 147%. Its chips are powering much of the rush into AI, and Nvidia again was the strongest force lifting the S&P 500 by far.
They helped offset a 5.6% drop for Dollar Tree, which matched analysts’ expectations for profit but fell just shy for revenue. The retailer also said it’s considering selling or spinning off its Family Dollar business. Another report in the morning suggested hiring slowed last month by more than expected at U.S. employers outside the government.
The yield on the 10-year Treasury eased to 4.28% from 4.33% late Tuesday. It's well below the 4.60% that it reached a week ago.
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