Growth and technology stocks powered a big stock market rally Thursday after better than expected results from Nvidia, the artificial intelligence bellwether.

The Dow Jones industrial average gained 1.2 percent, the S&P 500 rose 2.1 percent, and the Nasdaq rallied by 3.0 percent. US Treasury yields, the dollar, and oil prices all rose.

The Dow and the S&P 500 both set new record highs after Nvidia topped already inflated expectations for sales and raised its guidance on demand for its chips used by companies deploying artificial intelligence. Nvidia's bonanza lifted an array of tech stocks engaged in AI, especially other chipmakers, including Broadcom and Advanced Micro Devices.

Among sectors, best were tech, consumer discretionary, financials, industrials, and real estate. Defensive sectors, especially utilities, lagged. Rising bond yields and higher oil prices were a modest negative but overwhelmed by speculative demand for tech stocks.

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