Stocks rally as S&P 500, Nasdaq hit records; Dow tops 50,000 after Iran war began

Tech-led gains ? Cisco jumps after strong results, AI IPOs surge; consumer discretionary beats suggest resilient spending despite weak confidence, while global markets show mixed moves and 10-year yield steadies near 4.47%.

The S&P 500 climbed 0.8% to set an all-time high for a second straight day. The Dow Jones Industrial Average rose 370 points (0.7%) and finished above the 50,000 level for the first time since the war with Iran began, while the Nasdaq composite added 0.9% to its own record.

Cisco helped lead the market after reporting better profit and revenue for the latest quarter than analysts expected. The tech giant?s stock leaped 13.4% for its best day in nearly 15 years, and CEO Chuck Robbins said it saw ?very strong, broad-based demand for our products.? Big Tech behemoths in particular are pouring cash into artificial-intelligence technology, and Cisco gave a forecast for profit in the current quarter that easily topped analysts? expectations. Cerebras Systems, an AI processor company, raised $5.55 billion after selling its stock in an initial public offering, and its shares surged 68.1% in their debut on the Nasdaq Thursday.

Outside of AI, other stocks rallying after delivering better-than-expected profit reports included StubHub Holdings up 13.7%, Viking Holdings, up 5.5% and Yeti Holdings, up 6.2%. All three companies sell products that aren?t day-to-day essentials, such as concert tickets, river cruises and insulated water bottles. Strong results from them could be an indicator that customers are still willing to spend even though U.S. consumers have been telling surveys they?re feeling discouraged about the economy.

In stock markets abroad, indexes rose in Europe following a mixed finish in Asia. Japan?s Nikkei 225 fell 1%, while South Korea?s Kospi jumped 1.8% to another record thanks to gains for AI-related stocks. Stocks were virtually flat in Hong Kong and down 1.5% in Shanghai as Chinese leader Xi Jinping met with U.S. President Donald Trump in Beijing.

Treasury yields flitted up and down in the bond market immediately after the reports, but they largely remained steady. The yield on the 10-year ticked up to 4.47% from 4.46% late Wednesday.

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