Stocks rose on Wall Street, led by more gains in technology stocks as another chipmaker reported strong demand related to artificial intelligence.
The S&P 500 rose 1.3 percent Friday, and the Nasdaq rose 2.2 percent. The Dow added 1 percent.
Marvell Technology jumped 33 percent after saying it expects AI revenue to at least double in fiscal 2024 from the prior year. That follows Thursday’s report from fellow chipmaker Nvidia, which gave a big forecast for upcoming sales related to AI.
Investors were encouraged to see a pickup in consumer spending last month.
U.S. markets will be closed on Monday for Memorial Day.
On Friday:
The S&P 500 rose 54.17 points, or 1.3 percent, to 4,205.45.
The Dow Jones Industrial Average rose 328.69 points, or 1 percent, to 33,093.34
The Nasdaq composite rose 277.59 points, or 2.2 percent to 12,975.69.
The Russell 2000 index of smaller companies rose 18.42 points, or 1 percent, to 1,773.02.
For the week:
The S&P 500 rose 13.47 points, or 0.3 percent.
The Dow fell 333.29 points, or 1 percent.
The Nasdaq rose 317.79 points, or 2.5 percent.
The Russell 2000 fell 0.70 points, less than 0.1 percent.
For the year:
The S&P 500 is up 365.95 points, or 9.5 percent.
The Dow is down 53.91 points, or 0.2 percent.
The Nasdaq is up 2,509.21 points, or 24 percent.
The Russell 2000 is up 11.78 points, or 0.7 percent.
