04:55 PM EDT, 06/05/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite notched new closing records Wednesday, aided by a rally in Nvidia ( NVDA ) shares.

The technology-heavy Nasdaq jumped 2% to 17,187.9, while the S&P 500 surged 1.2% to 5,354. The Dow Jones Industrial Average rose 0.3% to 38,807.3. Tech jumped 2.7%, the biggest sector gainer, while utilities posted the largest drop.

Nvidia ( NVDA ) shares soared 5.2%, helping the tech giant top $3 trillion in market value.

Rockwell Automation (ROK) said Monday it expanded its artificial intelligence partnership with Nvidia ( NVDA ) to include robotics. On Sunday, Nvidia ( NVDA ) separately announced partnerships with several computer industry companies to build AI factories and data centers.

Hewlett Packard Enterprise ( HPE ) shares jumped nearly 11% Wednesday, the top gainer on the S&P 500. The information technology company late Tuesday raised its full-year outlook amid robust demand for its artificial intelligence systems, while its fiscal second-quarter results topped market expectations.

CrowdStrike ( CRWD ) was the best performer on the Nasdaq Wednesday, up 12%. The cybersecurity company late Tuesday posted stronger-than-expected fiscal first-quarter results and raised its full-year financial outlook.

Dollar Tree ( DLTR ) shares fell 4.9% Wednesday, the steepest decline on the Nasdaq and the second worst on the S&P 500. The discount retailer lowered its full-year earnings outlook due to costs stemming from tornado damage to its distribution center in Oklahoma. The company said it is weighing a potential sale of its Family Dollar segment.

The US 10-year yield fell 5.9 basis points to 4.28%, while the two-year rate lost 4.6 basis points to 4.72%.

In economic news, private employment in the US increased by 152,000 last month, slowing from April's downwardly revised 188,000, Automatic Data Processing ( ADP ) reported. Analysts in a Bloomberg-compiled survey were modeling for a 175,000 increase.

"The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers," ADP Chief Economist Nela Richardson said.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 185,000 nonfarm jobs last month, which would mark an increase from the 175,000 gain reported for April.

The US services sector saw an expansion in activity last month as orders grew, according to two separate surveys released by the Institute for Supply Management and S&P Global ( SPGI ) .

"The increase in the composite index in May is a result of notably higher business activity, faster new orders growth, slower supplier deliveries and despite the continued contraction in employment," said Anthony Nieves, chair of the ISM's services business survey committee.

West Texas Intermediate crude oil rose 1.3% to $74.19 per barrel Wednesday. Commercial crude stockpiles in the US increased by 1.2 million barrels to 455.9 million barrels through the week ended May 31, the Energy Information Administration said. The consensus estimate on Bloomberg was for a draw of 2.3 million barrels.

Gold gained 1.1% to $2,373.20 per troy ounce, while silver advanced 1.7% to $30.11 per ounce.