Investors were quick to recover from weakness in the stock market earlier this week. The Nasdaq Composite (NASDAQINDEX: ^IXIC) was the big beneficiary on Friday afternoon, rising more than 1.5% as of 2:30 p.m. EDT and approaching all-time record highs.
Earnings are driving a lot of the excitement within the investment community on Friday. One industry that doesn't always get much attention from Nasdaq investors is the financial sector, but one hot prospect in banking gave investors a nice surprise. Meanwhile, semiconductor stocks generally performed well, but Intel (NASDAQ: INTC) wasn't able to join its peers after its quarterly report left shareholders with some unanswered questions.
SVB Financial Group (NASDAQ: SIVB) was a big winner on the Nasdaq Friday, rising 10% in mid-afternoon trading. The parent company of Silicon Valley Bank had a strong financial report that raised hopes for a full recovery for the U.S. economy and the tech industry in particular.
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This Rising Star Gave the Nasdaq a Boost Even as Intel Missed the Rally