The Dow jumped eight-tenths of a percent, the S&P 500 gained more than half a percent and the Nasdaq added four-tenths of a percent.
Shares in Nvidia dipped early in the session, then reversed course to close up 1% after it revealed pricing and shipment plans for its new Blackwell B200 AI chip, which it says could be 30 times faster than current chips.
Rob Haworth, Senior Investment Strategist at US Bank Wealth Management, says that while the high-flying stock may still have room to grow, it might be time for the AI-driven rally to take a bit of a breather.
"For the market as a whole to be healthy, we really need to see some catch-up from the cyclical and industrial names, because we have such a good economy right now. The economic data has been very good through the end of 2023. And even though it's a little slower to start 2024, it's still on very solid footing, and that should benefit more names than just technology."
Among other movers, a slide in bitcoin dragged down shares of crypto-exchange operator Coinbase Global by 4%, while miners Riot Platforms and Marathon Digital Holdings also fell.
Shares of software company MicroStrategy sank more than 5.5% after the company completed a convertible debt offering - its second in a week - to fund bitcoin purchases.
And shares of analytics firm Spire Global soared more than 30% after it announced a collaboration with Nvidia for AI-driven weather forecasts.
