AI stocks rebound on Wall Street after CoreWeave results, Digi Mart USA News: U.S. stocks on Wall Street advanced after CoreWeave’s latest business results eased concerns that profits from artificial intelligence were not flowing quickly enough to cover the debt load tied to infrastructure spending.
CoreWeave, which had suffered heavy losses in a recent sell-off of AI shares, was able to recoup part of those losses.
Other stocks linked to artificial intelligence also posted significant gains. The Dow Jones Industrial Average rose 254.60 points, or 0.49 percent, to 52,486.49.
The broader S&P 500 gained 98.45 points, or 1.31 percent, to 7,619.38, while the technology-heavy Nasdaq Composite climbed 400.31 points, or 1.60 percent, to 25,466.19.
Even after this week’s strong rally, the Nasdaq remains more than 7 percent below its record high. Crude oil futures in New York rose 49 cents, or 0.6 percent, to $86.53 per barrel.
Oil traders are betting that the United States and Iran will reach an agreement and reopen the Strait of Hormuz, as the war is unpopular with American voters.
The U.S. dollar index, which measures the greenback against a basket of major currencies, reached its highest level in more than a year amid expectations that the U.S.
Federal Reserve will raise interest rates in December. Gold futures, which are sensitive to the dollar, fell $28.70, or 0.7 percent, to $3,992.00 per troy ounce.
