Nasdaq, S&P 500 Reach New Record Intraday Highs

After moving mostly higher early in the session, stocks have seen further upside over the course of the trading day on Friday. The major averages are adding to the gains posted in the previous session, with the Nasdaq and the S&P 500 reaching new record intraday highs.

Currently, the Nasdaq is up 161.31 points or 1.0 percent at 16,253.24 and the S&P 500 is up 32.25 points or 0.6 percent at 5,128.52. The narrower Dow is posting a more modest gain, up 61.54 points or 0.2 percent at 39,057.93.

The advance by the Nasdaq partly reflects substantial strength among computer hardware stocks following upbeat results from Dell (DELL), with the NYSE Arca Computer Hardware Index soaring by 6.8 percent to a record intraday high.

Shares of Dell are skyrocketing by 28.6 percent after the computer maker reported fourth quarter results that exceeded analyst estimates on both the top and bottom lines.

The upbeat results from Dell have also contributed to significant strength among semiconductor stocks, as reflected by the 4.1 percent surge by the Philadelphia Semiconductor Index. The index has also reached a record intraday high.

Outside the tech sector, oil service stocks are seeing considerable strength amid a sharp increase by the price of crude oil, driving the Philadelphia Oil Service Index up by 3.0 percent.

Gold, oil producer and pharmaceutical stocks are also seeing notable strength, while utilities stocks have moved to the downside.

The strength on Wall Street also comes following the release of a report from the Institute for Supply Management showing manufacturing activity in the U.S. unexpectedly contracted at an accelerated rate in the month of February.

The ISM said its manufacturing PMI dipped to 47.8 in February from 49.1 in January, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.5.

The University of Michigan also released revised data showing consumer sentiment in the U.S. unexpectedly deteriorated in the month of…