NEW YORK, May 14 (Xinhua) -- U.S. stocks rose on Thursday, with the Dow Jones Industrial Average closing above the 50,000-point threshold again as a landmark initial public offering (IPO) fueled optimism in the technology sector.
The Dow Jones Industrial Average rose 370.26 points, or 0.75 percent, to 50,063.46. The S&P 500 added 56.99 points, or 0.77 percent, to 7,501.24, and the Nasdaq Composite Index increased by 232.88 points, or 0.88 percent, to 26,635.22.
Performance across the 11 primary S&P 500 sectors was mixed. While technology and energy saw strong gains, the materials and real estate sectors led the laggards, declining 0.8 percent and 0.59 percent, respectively.
Market momentum was largely driven by a 1.85 percent gain in the technology sector. Nvidia advanced 4.39 percent to a new all-time high. The semiconductor industry was further bolstered by the public debut of Cerebras Systems. The AI chipmaker raised 5.5 billion U.S. dollars in the largest IPO of the year.
In other corporate earnings, Cisco Systems led the major indices with a 13.41 percent jump. The networking giant reported record third-quarter revenue and announced a strategic restructuring plan that includes cutting approximately 4,000 jobs to pivot investment toward high-growth areas like AI infrastructure, cybersecurity, and silicon.
Other notable stock movements included a 13.7 percent surge for StubHub and a gain of over 20 percent for Klarna following upbeat financial disclosures. Conversely, digital health firm Doximity plummeted 23 percent after issuing a disappointing outlook. In the automotive sector, Honda Motor rose 5.33 percent, while Japanese peer Nissan remained under pressure following earlier reports of sharp profit declines and workforce reductions.
