Wall Street rises as market focus turns from Nvidia to the US economy WSOC TV [Video]

NEW YORK — (AP) — Stocks rose on Wall Street Thursday as markets shift their focus back to the U.S. economy.

The S&P 500 rose 0.9% in afternoon trading and is less than 1% away from its record set in July. The Dow Jones Industrial Average added 441 points, or 1.1%, and is on track to set a record high. The Nasdaq rose 1.3% as of 12:36 p.m. Eastern.

The Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It’s another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates.

The market’s gains came despite a drop in Nvidia, which has ridden the frenzy over artificial intelligence to become one of the S&P 500’s most influential companies. Its shares fell 3.4% despite stellar results for the second quarter. The stock, with a total market value topping …