Dow Jones surges 458 points, rises above 39,000 for first time

NEW YORK, New York - U.S. stocks surged on Thursday with the Nasdaq gaining nearly 3 percent, while the Standard and poor's 500 hit a new all-time high.

"The mega cap U.S. stocks, or the 'Magnificent 7,' they are frothy. They have very elevated earnings expectations and very elevated valuations that doesn't give any room for disappointment," Phillip Colmar of MRB Partners told CNBC Thursday. He added the Nvidia-f