U.S. stocks reached record highs on Friday as investors bet on another strong earnings season.
The S&P 500 rose 0.2 percent and hit an all-time intraday high, with information technology and materials leading advancers. The Nasdaq composite also hit a record, advancing 0.3 percent. The Dow Jones industrial average traded 36 points higher and notched an all-time high, with American Express contributing the most to the gains.
“People are generally expecting a strong earnings season,” said Tom Martin, senior portfolio manager at Globalt. “What people had been worried about was stocks having rallied into the season before pulling back, but that hasn’t happened yet.”
Earnings season has gotten off to a good start, with 87 percent of the companies that have reported topping bottom-line expectations, according to Nick Raich, CEO of The Earnings Scout.