S&P 500 Hits Record Highs on AI-Led Rally

The S&P 500 closed at a record high on May 5, capping a broad Wall Street rally led by AI-related stocks and semiconductors.

AP reported that the index rose 0.8% to 7,259.22, while Reuters said the major U.S. benchmarks hit record highs on an AI-chip-led advance. The Nasdaq also finished at a record, and the Dow added to the day's gains.

Lower oil prices helped support risk appetite, while mega-cap tech remained the market's clear leader. Market commentary pointed to the same theme: investors are still rewarding companies tied to artificial intelligence and data-center growth.

The new closing high matters because it shows the rally has broadened enough to keep pushing the benchmark to fresh territory, even as traders remain sensitive to macro headlines and earnings.

The immediate question is whether the index can hold these levels in the next session or whether the market pauses after the latest record close.