The S&P 500 closed at a fresh all-time high Thursday, while the Nasdaq recorded its biggest daily gain in a year.
The S&P 500 jumped 105.23 points, or 2.1%, to finish the session at 5,087.03.
The Dow Jones Industrial Average surged 456.87 points, or 1.18%, to 39,069.11 for a record-high close.
The Nasdaq, meanwhile, soared 460.75 points, or 2.96%, to end the day at 16,041.62 to mark its largest daily gain since February 2023.
The rally in Nasdaq was fueled by tech companies' stocks, led by US chipmaker Nvidia that posted late Wednesday record quarterly and full-year revenues with booming demand for artificial intelligence.
Nvidia's shares soared 16.4% on Thursday to close at a record-high level of $785.38 per share for the tech firm. Its market value rose to $1.94 trillion.
American semiconductor company AMD's shares jumped 10.69%, while Microsoft and Amazon increased 2.35% and 3.55%, respectively.
The VIX volatility index, also known as the fear index, plummeted 5.2% to 14.54. The 10-year US Treasury yield lost 0.1% to 4.320%.
The dollar index lost 0.06% to 103.94, while the euro added 0.05% to $1.0822 against the greenback.
Precious metals were in negative territory, with gold falling 0.06% to $2,024 per ounce and silver decreasing 0.6% to $22.75.
Oil prices showed gains, with global benchmark Brent crude adding 0.6% to $83.55 per barrel and US benchmark West Texas Intermediate crude rising 0.7% to $78.45.
