S&P 500 hits record intra-day high driven by chipmakers, megacaps

The S&P 500 hit an intra-day record high for the first time in two years on Friday, powered by gains in chipmakers and heavyweight technology stocks on optimism around artificial intelligence (AI).

Erasing the last of a nearly 25% selloff that began in 2022, the widely followed U.S. stock market benchmark was last up 0.8% at 4,817.92 points, beating its previous intra-day of 4818.62 points recorded on Jan. 4, 2022.