U.S. Stocks Close Higher, Several Indexes End At Records, Led By Tech Gains

U.S. stocks closed higher on Friday, with several indexes posting all-time records, led by large gains in the tech sector. This was despite a mixed batch of second-quarter earnings from three major banks weighing on equities. The Dow Jones Industrial Average was up 0.4%, a record high. The Nasdaq Composite Index was up 0.6%, its second highest reading ever. The S&P 500 was up 0.5%, notching a fresh all-time high since June 19. Technology stocks posted large gains, with Apple up 0.9% and Nvidia Corp up 2.7%. On the other hand, banks were the big losers, with J.P. Morgan slipping 0.8% after reporting a sharp fall in trading revenue. J.P. Morgan Chase & Co. , Citigroup Inc. , and Wells Fargo & Co. all posted results on Friday, with the three nonetheless topping expectations. For the week, the Dow was up 1% while the S&P was up 1.4% and the Nasdaq was up 2.6%. Weak retail sales and inflation numbers also raised the prospect of dovish policy from the Fed, which is bullish for stocks.