All three major indices finished solidly higher, with the tech-rich Nasdaq Composite Index up 1.0% at 21,450.02, its second all-time closing high in a row.

The Dow Jones Industrial Average climbed 0.5% to 44,175.61, while the broad-based S&P 500 advanced 0.8% to 6,389.45, narrowly missing a record.

“We’re back into that mode where AI enthusiasm has been renewed and continues to fuel the gains,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.

Investors took reassurance from the Trump administration’s willingness to exempt the semiconductor industry from onerous tariffs if companies commit to investing in the US.

“Part of the relief was that the tariffs on a very important sector around the US outlook on earnings, which is tech and AI, is mostly left unaffected,” Kourkafas said.

Apple, which pledged increased US investment at a White House meeting this week, rose significantly for the third straight day with a 4.2% gain.

Other large tech names with outsized increases included Netflix, Google parent Alphabet and Facebook parent Meta.

Among other names, Expedia rose 4.1% as the travel company lifted its annual earnings and revenue projections. The company cited strength in advertising and in its business-to-business bookings.