Topline
The S&P 500 hit yet another milestone Thursday, soaring to a new high and topping 7,500 for the first time, driven by AI optimism while President Donald Trump meets with Chinese President Xi Jinping.
The S&P 500 topped 7,500 for the first time on Thursday.
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Key Facts
The S&P 500 closed at 7,501.39 on Thursday afternoon, extending a rally from investors despite rising energy prices and still no resolution on the horizon to the ongoing Iran war.
The nearly 0.8% surge from the index was spurred by Nvidia—the world’s most valuable company—soaring more than 4%, taking CEO Jensen Huang’s estimated net worth above the $200 billion mark in the process.
The Dow Jones Industrial Average also hit 50,000 again on Thursday, closing at 50,063.46 after investors saw fresh optimism from Trump’s meetings with Xi.
The Nasdaq also ended the day up 0.9% to set a new record high—after AI chipmaker Cerebras jumped 68% for the biggest IPO in 2026 so far, netting CEO Andrew Feldman billions.
A strong earnings report from Cisco on Wednesday also caused the company’s stock to pop—ending 13.4% higher on Thursday.
Key Background
The S&P first crossed 7,000 in April. The Dow hit 50,000 for the first time in February, but the index has struggled to build on those gains since the U.S. war with Iran disrupted energy prices and caused shortages in various goods and materials, including fertilizer and aluminum. The U.S. and Israeli military campaign began on Feb. 28, and although a ceasefire has ended much of the major military operations the status of the Strait of Hormuz remains unclear.