Wall Street ends up, the Nasdaq boosted by AI

Published on Nov 20, 2023 at 10:21 p.m.

NEW YORK, November 20 (Reuters) – The New York Stock Exchange ended up on Monday, driven by the Nasdaq and Microsoft after the announcement of the arrival of several artificial intelligence leaders, including Sam Altman, while the The decline in bond yields also favored the equity markets.

The Dow Jones index gained 0.58%, or 203.76 points, to 35,151.04 points.

The broader S&P-500 gained 33.36 points, or 0.74%, to 4,547.38 points.

The Nasdaq Composite advanced 159.05 points (1.13%) to 14,284.53 points, finishing at its highest level since July 31.

Upheavals in the field of artificial intelligence (AI) animated the session as we await further indications on the trajectory of rates this week, after a burst of data and statements from members of the Board of Governors of the Federal Reserve this week last.

The minutes of the latest Fed meeting will be published on Tuesday, while Black Friday sales at the end of the week will shed light on the appetite of the American consumer, whose resistance has supported activity across the Atlantic in 2023.

Microsoft gained 2.05%, setting a new record in session, after the announcement of the arrival of Sam Altman, former director of OpenAI, and Greg Brockman, co-founder of the company which created ChatGPT, to lead a new AI research team.

The entire technology sector benefited from this momentum, starting with Nvidia (+2.27%), which will publish its results on Tuesday, or Apple (+0.92%).

Bristol Myers Squibb lost 3.81% in the wake of German Bayer, which announced on Sunday the abandonment of a large phase III clinical trial on a new anticoagulant drug due to its lack of effectiveness. The American laboratory is working on the development of a similar drug. (Written by Sinéad Carew in New York and Amruta Khandekar in Bangalore, French version Tangi Salaün)

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