Tech Rally Propels U.S. Stocks Amidst High-Stakes U.S.-China Summit

U.S. stocks experienced an upswing on Thursday, bolstered by a surge in tech stocks as investors absorbed favorable economic data. All three major U.S. stock indexes - the S&P 500, Nasdaq, and Dow Jones - closed at record highs. Market analysts are split on how long this rally will last.

President Trump engaged in a pivotal meeting with Chinese President Xi Jinping, focusing on trade and geopolitical issues. The meeting, attended by industry leaders like Tesla's Elon Musk, is seen as crucial for both countries' economic collaboration. Meanwhile, Nvidia's shares saw a notable increase following U.S. approval of its chip sales to China.

Inflation reports have spotlighted surging energy prices, affecting the broader economy and complicating Federal Reserve rate policy decisions. In related developments, Cisco's stock spiked amid a major restructuring announcement, despite Boeing's stock decline following a plane order reveal.

(With inputs from agencies.)