AI Craze Drives Best Week in 2024 for Stocks – US Market Wrap

Stocks rose on a rally in the world’s largest technology companies, while Wall Street breathed a sigh of relief after the latest inflation data came in roughly line with expectations.

Equities had their best week of 2024 after Microsoft and Google’s parent Alphabet sent a clear message to investors: Our investments in artificial intelligence and cloud computing are paying off. That was a positive signal for many traders who were wondering whether the main engine of the bull market would be able to meet the industry’s high standards.

The S&P 500 closed around 5,100, while the tech-heavy Nasdaq 100 gained nearly 2%. The yield on 10-year Treasuries fell four basis points to 4.67%. The dollar rose.