Hey there, readers!
What a day it has been in the stock market! The tech sector made a strong comeback, with the Nasdaq Composite surging 2.2% - its best day in nearly two months. It's great to see the market bouncing back after a shaky start to the year.
Leading the charge were tech giants like Apple, Amazon, Microsoft, Google, and Facebook, all of which saw their stocks jump around 2% today. Even Tesla managed to shake off some negative news and ended the day with a 1.3% gain.
But the real surprise of the day was Nvidia. The AI-focused chip maker saw its share price skyrocket by over 6% by the closing bell. This is quite impressive considering the stock has already tripled in value in recent times. However, Heard on the Street's Dan Gallagher points out that Nvidia's strong financial performance has actually made the stock more affordable than it has been in years. The company also unveiled some exciting new offerings in video gaming and automotive technology at the CES conference, which likely contributed to the surge in its stock price.
Unfortunately, not all stocks had a great day. Boeing, in particular, took a hit, with its share price plummeting 8% following a harrowing incident involving one of its 737 Max 9 jets. A side panel was ripped off the aircraft shortly after takeoff, leading to the grounding of many of the planes for inspection. This incident could have serious reputational consequences for Boeing, as its 737 Max lineup has already faced numerous problems in the past.
Despite Boeing's setback, the Dow managed to close the day with a modest 0.6% gain, thanks to strong performances by Salesforce, Intel, and Amgen. The S&P 500, on the other hand, ended the day up 1.4%.
Overall, it was an eventful day in the stock market, with tech stocks leading the way. Let's hope this positive momentum continues in the days to come!
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