The S&P 500 index rose to a fresh record close last week as a technology-driven rally helped the market benchmark end February and kick off March on a positive note.
The index also set a fresh intraday high on Friday of 5,140.33.
The technology sector led the climb following stronger-than-expected fiscal Q4 results last week from chip maker NVIDIA (NVDA). Strong demand for NVIDIA’s generative artificial intelligence or AI helped boost investors’ appetite for many other stocks in the AI realm.
Adding to the AI excitement, Dell Technologies (DELL) reported a surprise increase in Q4 earnings as revenue also came in above analysts’ expectations and Chief Operating Officer Jeffrey Clarke said the company saw strong demand continue for its AI-optimized server portfolio.
The technology sector climbed 2.5%, followed by a 2.1% rise in real estate and a 2% increase in consumer discretionary. Other gainers up by at least 1% each included energy, materials and industrials.
On the downside, the health care sector fell 1%, followed by a 0.6% drop in utilities and a 0.5% decline in consumer staples. Communication services and financials also edged lower.
This week, economic reports will include January factory orders and wholesale inventories, but most attention will be on the February employment report due on Friday.
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