Fortune· 1h ago· 1 min read
A monster day for Microsoft’s stock following signals that its big spending on AI is translating into profits led a powerful rebound on Wall Street Thursday, while computer-chip companies regained some of their sharp recent losses . In the bond market, though, worries remained about inflation potentially remaining high for years.
The S&P 500 rallied 1.7% and more than recovered its drop from the day before , which was its worst in seven weeks. The Dow Jones Industrial Average jumped 613 points, or 1.2%. The Nasdaq composite, which is full of artificial-intelligence stocks, rallied 2.8% a day after it fell 9.8% below its record set last month.
Microsoft led the way and leaped 15.5% for its best day in nearly 18 years after reporting a stronger profit for the latest quarter than analysts expected. Growth was strong for its Azure cloud business, and CEO Satya Nadella said it reflects how…
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