IXIC: Nasdaq Composite Clocks Out at Record High Riding on Five Winning Weeks in a Row

Tech-heavy index blasted off more than 1% Friday, erasing losses from earlier in the week. S&P 500 also notched five-week streak.

• The Nasdaq Composite IXIC bounced back stronger than ever, erasing a two-day decline and capping off the week with a new record high. The tech-heavy index had slumped about 1% for the week before daily trading Friday pushed it above and beyond to close out at 16,920.79, boasting a 1.3% increase on the week. Together with the S&P 500, the Nasdaq rose for a fifth straight week as tech shares powered higher.
• It was Nvidia’s NVDA time to shine and investors went happily shopping for AI plays after the chip giant delivered another blowout earnings report. All in all, the major Wall Street equity benchmarks are on track to secure their best monthly performance for the year. The Nasdaq is ripping ahead of the pack with a nearly 9% gain in May, followed by the S&P 500’s roughly 6% advance.
• The Dow Jones Industrial Average climbed above 40,000 points for the first time two weeks ago after signs of an inflation slowdown. And while it did snap a five-week winning streak on Friday, the 30-stock index is higher by 3% for the month so far. Looking forward, markets are taking a break today in observance of Memorial Day. Later this week, GDP data will show whether the US economy expanded on a quarterly basis with analysts calling for 1.3% growth.