Many bellwether Bay Area stocks closed with gains Friday, helping some of the nation’s top market gauges finish the week at record-high levels.
Nvidia was one of the day’s biggest gainers as the chipmaker’s shares climbed 6.3 percent to $180.11. Evercore ISI analyst C.J. Muse left his rating on Nvidia’s shares at outperform, but boosted his price target on the company’s stock to $250 a share from $180. Muse said many investors are undervaluing Nvidia’s potential in the market for artificial intelligence.
Along with Nvidia, gains also came from Apple, GoPro, Advanced Micro Devices and Facebook.
Oracle, however, failed to join Friday’s advancers, as the software giant’s shares tumbled by almost 8 percent, to close at $48.74. On Thursday, Oracle reported better-than-expected first quarter results, but its second-quarter earnings and sales outlooks failed to satisfy the expectations of investors and Wall Street analysts.
It was a strong day for all the major stock-market barometers, as the tech-focused Nasdaq Composite Index rose 0.3 percent, to end the week at 6,448.47. The blue chip Dow Jones Industrial Average climbed 0.3 percent to close at a record high of 22,268.34 and the broad-based Standard & Poor’s 500 Index also reached a record-high close by rising 0.2 percent, to 2,500.23.
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