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S&P 500, NASDAQ POST ALL-TIME CLOSING HIGHS AS NVIDIA ALSO REACHES RECORD

Thursday brought more record highs on Wall Street. The three major U.S. stock indexes ended higher, with the S&P 500 .SPX and Nasdaq .IXIC both posting record closing highs as Nvidia NVDA.O jumped more than 4% also to a record peak.

The S&P 500 technology index .SPLRCT also hit a record closing high, ending up 1.9%. Nvidia shares rose 4.4% on the day following a Reuters report, citing sources, that the U.S. has cleared about 10 Chinese firms to buy its second-most-powerful AI chip, the H200.

As the two leaders met for a closely watched summit, China's President Xi Jinping warned U.S. President Donald Trump that mishandling the countries' disagreements over Taiwan could push China-U.S. relations to a "dangerous place."

Also in the tech space, Cisco Systems CSCO.O jumped 13.4%. The company said late Wednesday that it would cut nearly 4,000 jobs as part of a restructuring aimed at shifting investment toward artificial intelligence and related growth areas. It also raised its annual revenue forecast after a surge in hyperscaler orders.

Other indexes hitting record closing highs were S&P 500 Growth .IGX, S&P 500 Value .IVX and a "magnificent seven" exchange-traded fund MAGS.K.

And investors took in more economic - and inflation - news, with a report showing U.S. retail sales increased further in April. Some of the rise in receipts was likely due to higher inflation as the U.S.-Israeli war with Iran boosted prices of energy products and other commodities.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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