:The S&P 500 hit an intra-day record high on Friday for the first time in two years, powered by gains in chipmakers and heavyweight technology stocks on optimism around artificial intelligence (AI).
Erasing the last of a nearly 25 per cent selloff that began in 2022, the widely followed U.S. stock market benchmark was last up 0.9 per cent at 4,823.34 points, beating its previous intra-day of 4818.62 points recorded on Jan. 4, 2022.
Chipmakers, including Nvidia and Advanced Micro Devices, rallied to record highs after Taiwan Semiconductor Manufacturing projected 2024 revenue growth of more than 20 per cent on booming demand for high-end chips used in AI applications.
After surging about 24 per cent in 2023, the S&P 500 has been nearly flat so far in 2024 as investors scaled back bets on how aggressively the Federal Reserve will cut U.S. interest rates this year.
Still, investor optimism about resilience in the U.S. economy and potential accretions from AI has buoyed markets.
The S&P 500 has not yet set a new record high close. Its highest ever closing was 4,796.56 points on Jan. 3, 2022.
The Nasdaq is also flat this year after a 43 per cent jump in 2023. It remains down less than 6 per cent from its record high of 16,212.229 points.