Stocks Rally on Powell Testimony; Nvidia Soars Past $900B Value
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Stocks rose broadly on Thursday, led by a tech rally, as Fed Chair Powell reiterated the central bank's patient approach to rate hikes in Congressional testimony.
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Semiconductor stocks powered the Nasdaq to strong gains, with Nvidia surging past $900 to add over $1 trillion in market value so far this year.
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Kroger shares jumped after beating Q4 earnings estimates and projecting an earnings rebound in 2024, saying it still aims to complete its proposed merger with Albertsons.
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Victoria's Secret stock sank as the retailer issued soft sales guidance for 2024 and the current quarter amid weaker demand.
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Novo Nordisk stock soared to a record high after the drugmaker released promising clinical trial data on an experimental daily obesity pill.