U.S. Stocks End Midweek in Green on Nvidia’s Historic Surge
(MENAFN) The New York Stock Exchange surged midweek, driven by a tech rally propelled by Nvidia, which became the first company to achieve a staggering $4 trillion market valuation.
The Dow Jones Industrial Average climbed 0.49%, adding 217.54 points to finish at 44,458.3, while the S&P 500 increased 0.61%, or 37.74 points, closing at 6,263.26.
The Nasdaq posted a robust gain of 0.95%, up 192.87 points, reaching a fresh all-time high of 20,611.34.
Nvidia's unprecedented market capitalization milestone eclipsed previous giants Apple and Microsoft, which had both reached the $3 trillion mark.
Shares of other tech titans also advanced, with Meta rising 1.68%, Microsoft up 1.39%, and Alphabet climbing 1.43%.
In a separate development, U.S. President Donald Trump released seven additional tariff letters on social media, outlining new trade barriers for several nations.
The letters revealed tariffs of 20% for the Philippines, 25% for Brunei and Moldova, and 30% for Sri Lanka, Iraq, Algeria, and Libya.
These announcements come after Trump's earlier warning about dispatching letters with updated tariff schedules starting Monday, following his imposition of 25% tariffs on Japan and South Korea effective August 1.
Trump also imposed tariffs on a dozen countries, including 25% for Malaysia, Kazakhstan, and Tunisia; 30% on South Africa and Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand; and 40% on Laos and Myanmar.
An executive order signed Monday delayed the start of reciprocal tariffs from July 9 to August 1.
Meanwhile, Trump urged Federal Reserve Chair Jerome Powell on Wednesday to reduce interest rates, arguing they are “three points ‘too high.’”
He again criticized Powell as “Too Late,” suggesting he lagged behind other central banks in easing monetary policy.
According to a report by media on Tuesday, Trump is considering White House economic adviser Kevin Hassett as a leading candidate to succeed Powell as Fed chair.
Separately, minutes from the latest Federal Reserve meeting, released Wednesday, showed that most policymakers viewed a rate cut this year as appropriate, although some opposed reductions due to inflation concerns.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
