S&P 500 and Nasdaq surge to record highs after AI chipmaker rally

S&P tops 7,800 for first time in history as investors optimistic despite signs of instability in US economy

The S&P 500 and Nasdaq closed at a record high after a rally around AI chipmakers and a dip in US treasury yields.

At market’s close, the S&P 500 was up 0.58%, topping 7,800 for the first time in its history. The tech-heavy Nasdaq index rose 0.45%, while the Dow, which is slightly down from its record high in August, climbed 0.49%.