Nvidia Leads the Way to More Market Highs

US stocks climbed again on Thursday, helping Wall Street erase its losses from earlier in the week.

• The S&P 500 rose 52 points, or 1%, to 5,157, a record high, per CNBC.
• The Dow rose 130 points, or 0.3%, to 38,791.
• The Nasdaq rose 241 points, or 1.5%, to 16,273, also a record high.

The gains came as Federal Reserve Chair Jerome Powell testified again on Capitol Hill about interest-rate policy, echoing what he said a day before: The Fed's next move on interest rates is likely a cut, but it first needs to see additional data showing inflation is cooling, per the AP. On Wall Street, meanwhile, Kroger jumped 9.3% for one of the biggest gains in the S&P 500 after it reported stronger-than-expected profit for the end of 2023. Nvidia was again the strongest force lifting the benchmark index upward, rising 3.5%. It's been on a nearly unstoppable run and has soared 85% this year after more than tripling last year amid Wall Street's frenzy around artificial-intelligence technology.

Elsewhere, American Eagle Outfitters rose 2.5% after reporting stronger profit and revenue for the latest quarter than analysts expected. Victoria's Secret was on the losing end even after it also reported stronger profit for the latest quarter than expected. It said it expects overall sales to fall this upcoming year, when analysts were looking for modest growth. It tumbled 31.3%. Shares of embattled New York Community Bancorp were 6.8% higher a day after going on a wild ride. The bank, which is battling weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank, announced a lifeline of more than $1 billion from a group of investors on Wednesday.

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