A
major rally in Google pushed the Nasdaq to a second straight record
high on Friday while weak energy stocks weighed on the Dow and S&P
500.
Google (GOOGL.O)
surged 16.26 percent to end at an all-time high of $699.62, a day after
reporting strong ad revenue growth. It was Google's largest one-day
percentage gain since April 2008.
Facebook (FB.O) rose 4.53 percent to a record high of $94.97 on hopes that it could mirror Google's ad growth. Etsy (ETSY.O) spiked 30 percent thanks to a nod from Google during its conference call.
But a drop in oil prices limited gains on the broader stock market, with the S&P 500 energy index .SPNY down 1.07 percent to its lowest level since January 2013. Chevron (CVX.N) lost 1.4 percent. The utilities index .SPLRCU dropped 1.06 percent.
Wall Street insiders were cautiously optimistic about upcoming quarterly reports after some results this week came in above expectations.
“It’s going to be better than what the consensus numbers were pointing to,” said Kurt Brunner, a portfolio manager at Swarthmore Group in Philadelphia.
“Our economy is doing okay. We’re not growing at 5 percent but we have slow, steady growth and I think that continues.”
The Nasdaq Composite .IXIC added 46.96 points, or 0.91 percent, to end at 5,210.14, its second straight record high close.
The S&P 500 .SPX gained 2.35 points, or 0.11 percent, to end at 2,126.64, just shy of its record high of 2,130.82.
Facebook (FB.O) rose 4.53 percent to a record high of $94.97 on hopes that it could mirror Google's ad growth. Etsy (ETSY.O) spiked 30 percent thanks to a nod from Google during its conference call.
But a drop in oil prices limited gains on the broader stock market, with the S&P 500 energy index .SPNY down 1.07 percent to its lowest level since January 2013. Chevron (CVX.N) lost 1.4 percent. The utilities index .SPLRCU dropped 1.06 percent.
Wall Street insiders were cautiously optimistic about upcoming quarterly reports after some results this week came in above expectations.
“It’s going to be better than what the consensus numbers were pointing to,” said Kurt Brunner, a portfolio manager at Swarthmore Group in Philadelphia.
“Our economy is doing okay. We’re not growing at 5 percent but we have slow, steady growth and I think that continues.”
The Nasdaq Composite .IXIC added 46.96 points, or 0.91 percent, to end at 5,210.14, its second straight record high close.
The S&P 500 .SPX gained 2.35 points, or 0.11 percent, to end at 2,126.64, just shy of its record high of 2,130.82.
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