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Here's your closing bell brief for Thursday, May 14th. I'm Alexis Green for the Wall Street Journal.

U.S. stocks continued their upward march today as investors stayed focused on AI.

The Dow closed above the 50,000 mark for the first time since February.

The NASDAQ rose 0.9 percent and the S&P 500 gain 0.8%.

President Trump and Xi Jinping met in Beijing, where they agreed the Strait of Hormuz should remain

a free waterway and that Iran shouldn't be able to extract payments for use of shipping lanes.

Oil prices edge slightly higher. Among individual companies, Cisco shares

are up 13% after the tech conglomerate said it's cutting jobs so it can pour more resources

into AI. Cerebra systems jumped nearly 70% on the chip manufacturer's first day of trading. The company

raised $5.5.5 billion in the biggest IPO so far this year.

Coinbase's stock rose 5% after a bill, which could open the door for crypto to further

upend traditional finance, passed a key hurdle to becoming law. Other Bitcoin-related stocks,

including Robin Hooden's strategy, also ended the day up 5%. Klarna shares rallied 20% after the Swedish

buy-now pay later company swung to a profit and gained market share. And stock in Honda Motor

rose 5% today despite reporting its first annual loss after backtracking on its EV plans in the U.S.

The carmaker still expects to earn a net profit in the current fiscal year.

Heads up.

An artificial intelligence tool helped us make this episode

by creating summaries that were based on WSJ reporting

and then reviewed and adapted by an editor.

We'll have a lot more coverage of the day's news on the WSJ's What's News podcast.

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