Nvidia breaks $236.54 peak as Nasdaq leads Wall Street rally

  • Nvidia surpassed its May high as technology shares helped lead Friday’s market advance.
  • $150 billion in additional Nvidia buyback capacity was announced Monday.
  • Boeing workers approved a four-year contract after a potential strike threat.

U.S. stocks rallied Friday as falling oil prices and a soft September jobs report eased pressure on bond yields. The Nasdaq rose more than 1.5% to a fresh record, the S&P 500 gained roughly 1%, and the Dow added about 300 points, or 0.6%. Jim Cramer said the market was not broadly lifting all stocks, with investors concentrating instead on selected communication-services and technology shares. Nvidia climbed more than 2.5% and moved above its May intraday high of $236.54, overcoming a repeated resistance level known as a double top. Morgan Stanley reinstated Nvidia as its top semiconductor pick after meetings with CEO Jensen Huang and CFO Colette Kress, while Nvidia’s additional $150 billion in announced buyback capacity supported the stock. Boeing avoided a strike by white-collar workers after the Society of Professional Engineering Employees in Aerospace approved the company’s four-year contract proposal, but uncertainty over the FAA’s response to a flight-landing software glitch could affect 737 Max deliveries and cash flow. Friday’s rapid-fire stocks were Nike, Airbnb, Seagate and Western Digital.

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