TECH - Nasdaq 100 Eyes Record High Close Fifth Positive Week As Traders Flock To AI-Linked Stocks: What's Driving Markets Friday? | Benzinga
Technology stocks surged on Friday, rebounding sharply after Thursday’s decline, as investor confidence in the artificial intelligence-driven rally remained high.
The Nasdaq 100 index jumped over 1%, reaching 18,820 points by 1 p.m. in New York, setting the stage for a record high close and marking its fifth consecutive week of gains — the longest streak since January.
The S&P 500 rose 0.7%, though it only partially recovered from Thursday’s losses. Small-cap stocks saw robust gains, with the iShares Russell 2000 ETF (NYSE:IWM) up 1%, while blue chips increased by just 0.2%.
Chipmakers, solar and power utilities were the top-performing industries, as traders appeared to broaden their focus to a wider array of AI-related beneficiaries.
Treasury yields remained stable as Thursday’s inflation concerns eased slightly following the University of Michigan’s downward revision of consumer inflation expectations. As a result, the U.S. dollar index ...