U S&P 500 hits a new record high eon tech stocks gains

The S&P 500  edged higher to close at another all-time high on Friday, powered by strength for technology stocks and a couple of reports on the U.S. economy that were better than expected.

The benchmark index rose 11.65 points, or 0.34%, to 3,397.16, even though the majority of stocks in the index weakened. It followed up on losses across Europe after more discouraging reports there indicated a slowdown in its economies.

The Dow Jones Industrial Average climbed 190.60, or 0.7%, to 27,930.33, and the Nasdaq composite added 46.85, or 0.4%, to 11,311.80.

The S&P 500 surpassed its previous closing high of 3,389.78, which was set Tuesday after the index erased the last of its historic losses from the coronavirus pandemic. Despite its record-setting week, the market’s momentum has slowed recently after roaring back from its nearly 34% plunge from late February into March.