S&P 500 posts back-to-back gains Friday as AI trade resurges
U.S. stocks rose on Friday, lifted by Oracle, as the artificial intelligence trade looks to regain its footing after experiencing volatility.
The Nasdaq Composite gained 1.3%. The S&P 500 climbed 0.9%, while the Dow Jones Industrial Average advanced about 182 points, or 0.4%.
Oracle shares were up more than 7% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.
The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.
Source: CNBC