S&P 500 Closing In On Record Intraday High

Stocks are seeing moderate strength during trading on Friday, adding to the strong gains posted in the previous session. The major averages have all moved to the upside, with the S&P 500 closing in on a record intraday high.

Currently, the major averages are just off their highs of the session. The Nasdaq is up 76.84 points or 0.5 percent at 15,132.49, the S&P 500 is up17.25 points or 0.4 percent at 4,798.19 and the Dow is up 123.33 points or 0.3 percent at 37,591.94.

The extended upward move on Wall Street partly reflects continued strength among tech stocks, which helped lead the advance on Thursday.

Optimism about the outlook for earnings may be contributing to the continued strength in the tech sector ahead of next week’s release of quarterly results from companies like Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX).

Computer hardware stocks are seeing substantial strength on the day, driving the NYSE Arca Computer Hardware Index up by 3.7 percent to a record intraday high.

Supermicro (SMCI) has led the sector higher, skyrocketing by 29.6 percent after raising its fiscal second quarter guidance amid strong market and end customer demand for its rack-scale, AI and Total IT Solutions.

Semiconductor stocks are also extending the rally seen on Thursday, with the Philadelphia Semiconductor Index climbing by 1.7 percent. The index has also reached a new record intraday high.

Meanwhile, the Dow has received a boost from a jump by shares of Travelers (TRV), with the insurance giant spiking by 5.2 percent.

Travelers is moving sharply higher after the company reported fourth quarter earnings that exceeded analyst estimates.

On the other hand, airline stocks are giving back some ground after turning in a strong performance in the previous session, dragging the NYSE Arca Airline Index down by 1.0 percent.

The pullback by the index comes even though shares of Spirit Airlines (SAVE) are soaring by 25.2 percent after the discount airline forecast fourth quarter revenues toward…