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.
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 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%