PUBLISHED FRI, MAY 26 20234:37 PM EDTUPDATED FRI, MAY 26 20234:54 PM EDT
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KEY POINTS
- The Nasdaq closed out its fifth straight weekly gain and is solidly outperforming other U.S. indexes for the year.
- Nvidia drove this week’s rally, surging 25% to a record on better-than-expected earnings.
- “Being concentrated in these mega-cap tech stocks has been where to be in this market,” said Victoria Greene, chief investment officer at G Squared Private Wealth.
Jen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company’s event at Mobile World Congress Americas in Los Angeles, California, U.S., on Monday, Oct. 21, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Forget about the debt ceiling. Tech investors are in buy mode.
The Nasdaq Composite closed out its fifth-straight weekly gain on Friday, jumping 2.5% in the past five days, and is now up 24% this year, far outpacing the other major U.S. indexes. The S&P 500 is up 9.5% for the year and the Dow Jones Industrial Average is down slightly.