The U.S. stock market experienced a significant rebound on Friday, with the Dow Jones Industrial Average soaring over 1,200 points to surpass the 50,000 mark for the first time, according to Fortune. Technology stocks led the charge, recovering from earlier losses, while chip companies like Nvidia and Broadcom saw substantial gains. Simultaneously, other news highlighted developments such as a politicized fraud investigation in Minnesota and a surf academy in Senegal promoting girls' education.
The S&P 500 rallied 2%, marking its best day since May, as reported by Fortune. The Nasdaq composite also leaped 2.2%. Chip companies played a crucial role in the widespread rally, benefiting from anticipated continued spending on artificial-intelligence technology. Amazon CEO Andy Jassy noted the importance of this sector.
Meanwhile, other developments were also making headlines. According to Vox, a new Republican provision targeting federal student loans for low-earning college programs was under discussion. Additionally, a housing development built using HOPE VI funds in Cincinnati was highlighted, with the potential to raise a low-income kid’s future earnings by 50 percent, as reported by Vox.
In the biotech space, AI companies are working to accelerate drug discovery, but the real limiting factor is in the running of clinical trials, which can take years and cost hundreds of millions of dollars, according to Time. Ben Liu, CEO of Formation Bio, an AI company, noted this challenge.
Elsewhere, the oil and gas industry faced scrutiny. According to Nature News, oil- and gas-producing regions in the continental United States were emitting up to five times more methane than companies were reporting to government regulators.
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