S&P 500 builds on record as Nasdaq falls in US trading

·1-min read

The S&P 500 climbed above its record-setting close in early US trading on Friday, and the Dow gained as well while tech stocks fell.

Investors have push equities that are tied to an improving US economy higher in recent sessions, betting the Covid-19 vaccine campaigns will allow normalcy to return over the coming months.

The enthusiasm has however hurt tech shares, which boomed in 2020 amid the worst of the pandemic but have seen slowing momentum in recent sessions.

About 30 minutes into trading, the broad-based S&P 500 had risen 0.2 percent moving beyond the all-time high reached on Thursday to 4,103.69.

The benchmark Dow Jones Industrial Average climbed 0.3 percent to 33,599.73, but the tech-rich Nasdaq Composite Index fell 0.2 percent to 13,798.05.

The reopening enthusiasm was widespread, with cruise line Carnival climbing 2.4 percent and General Electric gaining 1.7 percent.

Boeing fell 1.3 percent after telling 16 airlines flying the 737 MAX jet of a "potential electrical issue."

Among tech companies, Netflix fell 1.1 percent and Google 0.2 percent, though Amazon rose 0.4 percent as counting of ballots in a unionization drive at a US warehouse showed many workers voting to reject organizing.