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Stock market today: S&P 500 hovers near 5,500 level as Nvidia surge continues

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Nasdaq Composite,S&P 500

Nvidia's record-breaking surge, which catapulted it to the title of world's most valuable public company, was set to continue.

US stock indexes hovered near highs on Thursday after the S&P 500 briefly crossed 5,500 for the first time ever as Nvidia continued a record-breaking surge that has catapulted it to the title of world's most valuable public company. The S&P 500 edged slightly higher after the index secured its 31st record close of the year on Tuesday. The tech-heavy Nasdaq Composite touched new highs before paring gains to fall slightly below the flatline.

Shares are up more than 170% so far this year. On Tuesday, Nvidia completed a remarkably quick surge to usurp Microsoft as the most valuable company in the world — just two weeks after it dethroned Apple as the No. 2 most valuable company. Its rise to the top has come so fast, Yahoo Finance's Jared Blikre wrote, that some more passive investors haven't been able to keep up.

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