The Nasdaq Composite jumped to an all-time high Friday, a first for the tech-heavy stock index in more than three months as the group shook off tailwinds such as rising bond yields and enjoyed a boost from Tesla’s share price.
A new tech stock high was set Friday.
The Nasdaq rose as much as 1.5% to a new record of 18.690.01, surpassing the previous high set July 11.
Predictably leading the way for the Nasdaq were the “magnificent seven” behemoths, with Amazon, Facebook parent Meta, Google parent Alphabet, Microsoft, Nvidia and Tesla stocks all rising at least 1.5% by midmorning, with Tesla’s near 3% gain leading the group and Apple stock’s 0.7% advance trailing those of its peers.
The less tech-exposed S&P 500 and Dow Jones Industrial Average indexes rose 0.5% and 0.8%, respectively, short of their all-time highs set last week.
25%. That’s how much shares of the electric vehicle giant Tesla are up since Wednesday, as its third-quarter earnings report impressed investors.
This is a breaking news story and will be updated.