Nasdaq reaches record high, S&P 500 inches close as tech shares rally

Nasdaq last traded at a record high while the S&P 500 closed just four points shy of an all-time high as tech stocks started the day on a strong note.

The S&P 500 index ended the day 0.3% higher, while the NASDAQ Composite was up by 1%. However, the Dow Jones Industrial Average fell by 0.31% to 86 points, as it struggled to keep up.

Out of the majority of S&P 500 companies who posted their earnings report on Friday, 81% reported better results, though expectations were lowered, according to data from Refinitiv. The remaining reports are due for the week.

The S&P 500 retailing index gained 1.4%, with Walmart Inc and Target Corp expected to post results before the end of the week. Home improvement chains such as Lowe’s Companies Inc and Home Depot were also up ahead of their earnings report.

Meanwhile, Chipmaker and tech giant Nvidia saw its shares hit record high as Susquehanna and Oppenheimer raised their price targets ahead of Wednesday’s quarterly results.