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The S&P 500 jumped 1.6% on Friday, Feb. 28, as investors looked past geopolitical concerns, paring the index’s February losses.
Energy provider AES led stocks higher after it issued a strong outlook fueled by optimism about AI data center power needs.
Nvidia-partner NetApp fell after the data storage provider missed revenue expectations on slowing sales growth.
Major U.S. equity indexes rallied in the final hours of Friday to close higher after seesawing between gains and losses throughout most of February’s final session.
Stocks saw early gains following a tame inflation report that showed price pressures easing in January. But the rally wobbled after a contentious meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy threatened to scuttle a mineral rights deal that could lead to a ceasefire plan with Russia. The major market indexes recovered and charged higher in late trading.
The S&P 500 rose 1.6% in the last trading session of February, but the benchmark index still fell 1.4% over the month. The Nasdaq also advanced 1.6%, closing the month down about 4%. The Dow Jones Industrial Average surged by more than 600 points to add 1.4%, enough to post a positive week, but not enough to pull the blue-chip index higher for the month.
AES (AES) led the S&P 500 higher, climbing 11.7% after it posted quarterly earnings that beat expectations and offered a strong current-year profit outlook. The energy provider said AI data centers and new manufacturing plants were helping to drive demand. The company also said it was working to onshore its supply chain for solar panels, batteries, and other equipment to reduce tariff risks.
Edison International (Shaft) shares rose 6% after the company said that California’s Wildfire Insurance Fund may help shield the electric utility’s balance sheet following the deadly January wildfires there.
Erie Indemnity (ERIE) jumped 5.7% after the insurer posted earnings that exceeded analyst expectations due to strong growth in operating and investment income. Management fee revenue from policy issuance and renewals also jumped, though commission expenses also grew.
Monster Beverage (Mnst) shares rose 5.3% after the energy drink maker narrowly beat revenue growth projections. Executives said that the company was in a position to compete with rival Celsius Holdings (CElh), which recently acquired its fast-growing competitor Alani Nu.
Nvidia-partner NetApp (For example) led S&P 500 decliners, falling 15.6% after the data storage provider’s revenue missed forecasts and its outlook weakened as sales growth slowed.
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