Dow closes above 50,000 for the first time ever
The Dow Jones Industrial Average closed above 50,000 for the first time ever on Friday.
A surge in markets reversed a selloff that hammered tech stocks earlier in the week.
The Dow closed up 1,206 points, or 2.4%, while the S&P 500 climbed 1.9%. The tech-heavy Nasdaq increased 2.1%.
In a post on social media, President Donald Trump touted the high-water mark for the Dow, celebrating the feat as "the first time in History."
“CONGRATULATIONS AMERICA!” Trump said.
Shares of some tech companies worldwide plummeted in recent days after Anthropic unveiled an artificial intelligence tool viewed by some investors as a potential replacement for widely-used software products.
The selloff came in response to a set of new plugins for a digital tool called Claude Cowork, an AI-fueled workplace assistant that can author documents and organize files. The plugins, released last Friday, allow customers to adapt the tool for narrow sectors like legal, finance or data marketing.
Investors appeared to shrug off the AI-related worries in a buying spree on Friday.
AI chip giant Nvidia surged nearly 8%, recovering most of its losses earlier in the week.
Enterprise-software company Workday ticked up more than 2% on Friday, after a selloff in previous days triggered by the release of Claude Cowork.
Some crypto prices also rallied on Friday, ending a days-long plunge for many digital currencies. Bitcoin and Ether -- the world's two largest cryptocurrencies -- each soared about 10% on Friday.
