Stocks Close at Record as Alphabet Fuels AI Hopes: Markets Wrap

Stocks closed at all-time highs as Alphabet Inc.’s results showed solid demand for artificial intelligence, bolstering confidence in the technology that has powered the bull market. Signs of jobs strength ahead of next week’s Federal Reserve decision lifted Treasury yields.

Following a 28% surge from its April lows, the S&P 500 eked out a gain while notching its 10th record in 19 trading days. Google’s parent AI optimism fueled a rally in companies like Nvidia Corp., which hit a fresh peak. Tesla Inc. sank 8.2% as Elon Musk warned of difficult times ahead. In late hours, Intel Corp. gave an upbeat sales forecast as personal-computer demand picked up.