How major US stock indexes fared Friday 5/26/2023

Stocks rose on Wall Street, led by more gains in technology stocks as another chipmaker announced a major expansion.

Wall Street stocks rose, led by a further increase in technology shares as another chipmaker reported a strong demand for artificial intelligence.

The Nasdaq gained 2.2% and the S&P 500 1.3%. The Dow gained 1%.

Marvell Technology's stock jumped by 33% following its announcement that it expects AI revenues to at least double from fiscal year 2024. This follows a report on Thursday from Nvidia. The chipmaker gave a large forecast for future sales related to AI.

Investors were encouraged by the increase in consumer spending seen last month.

Memorial Day is a Monday holiday in the United States.

On Friday

The S&P500 rose 54.17, or 1.3% to 4,205.45.

The Dow Jones Industrial Average rose by 328.69 or 1% to 33,093.34.

The Nasdaq Composite rose by 277.59 points or 2.2%, to 12,975.6.

The Russell 2000 index for smaller companies increased 18.42 points or 1% to 1,773.02.

This week's theme:

The S&P rose by 13.47 points or 0.3%.

The Dow dropped 333.29 or 1%.

The Nasdaq index rose by 317.79, or 2.5%.

Russell 2000 dropped 0.70 points or less than 0.1%.

The year:

The S&P 500 index is up by 365.95, or 9.5%.

Dow Jones is down 53.91 or 0.2%.

The Nasdaq has gained 2,509.21 or 24%.

Russell 2000 up 11.78 points or 0.7%