Nasdaq notches new record high, lifted by tech earnings

|By:, SA News Editor

Stocks eked out small gains, with the Nasdaq Composite pushing to a new all-time closing high, as shares of technology companies offset losses in the energy sector.

Today's avalanche of earnings reports had a minor impact at the macro level but they affected specific sectors; the consumer discretionary space (+0.6%) climbed near the top of the day's leaderboard, thanks in part to Comcast's 2% advance after beating top and bottom line estimates, while Under Armour's 10% spike on strong earnings also helped.

The top-weighted tech sector (+0.6%) also outperformed the broader market, as PayPal jumped 6.2% in reaction to better than expected earnings and revenues plus upbeat guidance.

On the flip side, the energy sector (-1.1%) settled near the bottom of the sector standings as U.S. crude oil fell 1.3% to $48.97/bbl following yesterday's EIA inventory report which showed a rise in gasoline inventories.

The underperformance in the financial sector (-0.5%) followed a 3.1% gain for the week entering today's session; telecom services (-1.3%) was the day's worst performer.

U.S. Treasury prices closed slightly higher, with the benchmark 10-year yield losing a basis point to 2.30%.