Stocks rose on Wall Street, led by more gains in technology stocks as another chipmaker reported strong demand related to artificial intelligence.
The S&P 500 rose 1.3 percent Friday, and the Nasdaq rose 2.2 percent. The Dow added 1 percent.
Marvell Technology jumped 33 percent after saying it expects AI revenue to at least double in fiscal 2024 from the prior year. That follows Thursday’s report from fellow chipmaker Nvidia, which gave a big forecast for upcoming sales related to AI.
Investors were encouraged to see a pickup in consumer spending last month.
U.S. markets will be closed on Monday for Memorial Day….