Wall Street rallies as Apple hits record and AI fears ease
US stocks closed higher on Wednesday, with all three major indexes in positive territory, as strong results from AI cloud firm CoreWeave eased worries about AI spending. The S&P 500 gained 1.3% to end at 7,619.38, while the Nasdaq Composite advanced 1.6% to close at 25,466.19, Zacks reported.
The Dow Jones Industrial Average rose 0.5%, or 254.60 points, to close at 52,486.49. Ten of the 11 S&P 500 sectors ended higher, led by technology, with the Information Technology Select Sector SPDR up 2.7%. The CBOE Volatility Index, Wall Street's fear gauge, fell 10.1% to 17.49.
Apple led the rally among the largest stocks, climbing 2% to close at a record $355.63 after touching an intraday high of $355.91. Its market value is roughly $5.1 trillion, Zacks reported.
CoreWeave surge calms AI worries
CoreWeave shares surged 24.71% to close at $60.77 after the company reported third-quarter revenue of $3.66 billion, ahead of expectations, and raised its full-year 2026 revenue forecast to between $13.0 billion and $13.3 billion. The firm, which rents out Nvidia chips, also said it expects adjusted profitability in the first half of 2028, Reuters reported.
The results reassured investors nervous about soaring cash burn and rising debt across the AI supply chain.
The mood was more cautious into Thursday, with Nasdaq 100 futures down about 0.8% in early trading after reports on Nvidia chief executive Jensen Huang's future. Nvidia shares fell about 7% in premarket trading, Reuters reported.
