[New York Stock Exchange] U.S. Markets Close Higher on Strong Corporate Earnings... Dow Reclaims 50,000

Cisco Systems Soars Over 12% on Strong Earnings
International Oil Prices End Higher

On May 14 (local time), the three major U.S. stock indices all closed higher, driven by strong earnings from Cisco Systems and the company’s announced plans to invest in artificial intelligence (AI), which boosted investor sentiment, especially in technology stocks.

On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose by 370.26 points (0.75%) to close at 50,063.45. The S&P 500, which focuses on large-cap stocks, climbed 56.99 points (0.77%) to 7,501.24, while the tech-heavy Nasdaq advanced by 232.878 points (0.88%) to finish at 26,635.222.

Corporate earnings reports steered the market on this day. The software giant Cisco posted third-quarter results and guidance that beat Wall Street expectations, and also announced plans to cut around 4,000 jobs, sending its share price surging more than 12%. CNBC reported that this momentum helped the Dow Jones reclaim the 50,000 mark.

William Merz, Head of Capital Markets Research at US Bank Asset Management, told CNBC, "It’s hard to overlook the robust earnings growth," adding, "Corporate fundamentals are surprisingly strong, especially among large-cap U.S. stocks."

The rise in Nvidia’s share price also contributed to the Dow Jones index. Reports indicated that while the U.S. Department of Commerce had approved about 10 Chinese companies to purchase Nvidia’s H200 chips, deliveries had yet to take place. Following this news, Nvidia’s stock price jumped more than 4%.

Bloomberg News assessed that renewed investment sentiment in AI, solid corporate earnings, and signs of economic resilience have led stock prices to repeatedly set new records. According to data compiled by Bloomberg Intelligence, first-quarter earnings for S&P 500 companies were estimated to have increased by about 27% year-on-year, marking six consecutive quarters of double-digit growth.

Among the top market capitalization stocks, results were mixed. Nvidia gained 4.20%, Microsoft (MS) added 0.68%, TSMC climbed 4.60%, Broadcom rose 5.57%, and Meta was up 0.07%. In contrast, Apple fell by 0.33%, Amazon dropped 1.10%, Alphabet declined 0.46%, and Tesla slipped 0.67%.

Meanwhile, international oil prices closed higher. On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for June delivery settled at $101.70 per barrel, up 0.2% from the previous session. On the ICE Futures Exchange, Brent crude for July delivery rose 0.1% to $105.72 per barrel.

This content was produced with the assistance of AI translation services.