Advertisement
New Zealand markets closed
  • NZX 50

    12,325.60
    -3.84 (-0.03%)
     
  • NZD/USD

    0.6011
    -0.0039 (-0.64%)
     
  • NZD/EUR

    0.5519
    -0.0024 (-0.44%)
     
  • ALL ORDS

    8,209.20
    -63.50 (-0.77%)
     
  • ASX 200

    7,971.60
    -64.90 (-0.81%)
     
  • OIL

    80.25
    -2.57 (-3.10%)
     
  • GOLD

    2,402.80
    -53.60 (-2.18%)
     
  • NASDAQ

    19,522.62
    -182.47 (-0.93%)
     
  • FTSE

    8,155.72
    -49.17 (-0.60%)
     
  • Dow Jones

    40,287.53
    -377.49 (-0.93%)
     
  • DAX

    18,171.93
    -182.83 (-1.00%)
     
  • Hang Seng

    17,417.68
    -360.73 (-2.03%)
     
  • NIKKEI 225

    40,063.79
    -62.56 (-0.16%)
     
  • NZD/JPY

    94.6330
    -0.5090 (-0.53%)
     

Tech stocks power Nasdaq to 5th straight record close

STORY: The Nasdaq eked out its fifth straight record closing high on Friday, as gains in tech-related stocks helped keep the streak alive.

The Dow and S&P 500 each fell slightly lower, while the Nasdaq added about a tenth of a percent.

Data on Friday included a preliminary reading of the University of Michigan's Consumer Sentiment Index, which was sharply lower than expectations.

But lousy consumer sentiment has its silver lining, explains Loreen Gilbert, CEO of WealthWise Financial Services.

"What that's actually good for though is markets. Moving forward, from a consumer being depressed and down and negative, that actually points to a higher stock market looking out six months to a year. So while the consumer may be disheartened, when we look at business owners, business owners are still positive about what they see moving forward for their businesses. And that is very important when it comes to growth, because so much of our US depends on small business."

ADVERTISEMENT

Helping to power the Nasdaq on Friday were shares of Adobe, which jumped 14.5% a day after the company raised its annual revenue forecast on more demand for its artificial intelligence-powered software.

Nvidia shares ended up more than 1.5% after briefly surpassing Apple as the world's second-most valuable company.

Both also lifted the S&P 500 technology sector, which rose half a percent to hit another record high close.

On the flip side, the Russell small-cap index fell more than 1.5%, adding to recent losses, while the S&P 500 industrials sector was down 1%.