Global stocks mostly cheer Nvidia results as bitcoin gains

NEW YORK – Global stocks mostly rose on Thursday following strong earnings from artificial intelligence leader Nvidia as bitcoin prices zoomed near $100,000 and oil prices rose.
Nvidia itself had a volatile day, finishing modestly higher after several reversals. The chip company reported a whopping $19-billion in profits, although investors wondered if its current rate of stupendous growth is sustainable.
But stocks rose as a “relief trade” after the Nvidia report, said Briefing.com analyst Patrick O’Hare, who noted that investors had feared a disappointing Nvidia announcement would spark a tech sell-off.
All three major US indices rose, led by the Dow, which won more than one percent.
The pickup on US markets also helped European bourses shake off early weakness.
O’Hare called Thursday’s rally a “broad-based move,” noting nine of 11 US sectors rose and adding that investors are hopeful about a year-end rally.
But worsening tensions between Russia and Ukraine also loom as a risk.
The tension helped push oil prices up around two percent and played a role in lifting natural gas prices to their highest level in a year.
The dollar also continued to push higher, boosted by the falling odds of further Federal Reserve interest rate cuts, as well as the greenback’s status as a haven currency.
But the day’s most impressive action may have been bitcoin, which soared above $99,000. The cryptocurrency has been lifted by expectations that Donald Trump, spurred by cryptocurrency cheerleader Elon Musk, will bring it further into everyday use upon re-entering the White House in January.