Wall Street closes at record highs
The Dow closed above 35000 for the first time Friday, joining the Nasdaq and S&P 500 in ending at record highs.
Upbeat earnings from social media companies like Twitter and Snap had investors snapping up tech stocks.
The blue-chip index gained 0.7%. The S&P 500 and the Nasdaq added 1%.
On the week, all three indexes made big advances.
For now, Wall Street has brushed off the Delta variant scare that sank stocks on Monday.
WealthWise Financial CEO Loreen Gilbert:
“I think that the Delta variant, while it's troubling and we are seeing breakthrough cases of those fully vaccinated, is impacting the emerging market countries more than it's impacting the developed countries. And the U.S. has still been strong and it doesn't have as much of an impact.”
Shares of Snap jumped 24%. Its quarterly revenue doubled and crushed expectations as its messaging app Snapchat boosted the ranks of its daily active users by 23%.
Tech titans Facebook, Alphabet, Apple, Amazon and Microsoft rallied ahead of their earnings reports next week.
But Intel bucked the tech rally, falling 5% and topping the list of S&P decliners. The chipmaker said it still faces supply constraints, and it issued a disappointing forecast.
Next week, investors will be eyeing the Federal Reserve’s two-day meeting for clues on when the central bank will begin tightening its accommodative policies.
