S&P 500 and other major indices close at record high

Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines. The Dow Jones Industrial Average jumped 65 points to end yesterday’s trading at a record high of 22, 686. The biggest contributions to the gains were made by stocks in Boeing, 3M and Apple. The index’s intraday high was recorded at 22,275.

The S&P 500 also hit record highs by jumping 0.2 per cent to end trading at 2,500.23. Friday marked the first time for the index to soar above 2,500. IT and financials emerged as the best-performing sectors.

The Nasdaq closed 0.3 percent higher at 6,448.47. The index’s intraday record was recorded at 6,464.27.

BTIG chief technical strategist Katie Stockton said, “The market has been digesting its gains in a consolidation phase following Monday's gap up. The breakouts that have developed suggest overbought conditions will be absorbed without a significant pullback.”

Stocks in tech companies kicked off the session as the worst performers but they turned around in late-morning trading. Stocks in Apple and Facebook posted notable gains.