Record Highs: Wall Street Soars on Tech and Netflix Gains

The Dow Jones, S&P 500, and Nasdaq all saw record highs, driven by significant gains in Netflix and tech stocks. While Netflix surged 11.1%, boosting optimism, the energy sector faced a slump. Positive earnings and economic data support market optimism, but political and valuation concerns loom.

The Dow Jones Industrial Average, S&P 500, and Nasdaq achieved record closing highs on Friday, largely due to a significant earnings-driven rise in Netflix shares and broad gains across technology stocks.

Wall Street's major indexes marked their sixth consecutive weekly gains, propelled by noteworthy advances in tech leaders like Apple and Nvidia. Netflix, with an 11.1% surge, was a standout, having exceeded subscriber expectations. This bolstered the communication services sector, making it the week's largest gainer, while tech stocks like Apple and Nvidia also performed well.

Despite financial indicators showing broadly positive results, potential volatility related to the upcoming U.S. presidential election and high stock valuations could jeopardize the market rally. Additionally, the energy sector faced a setback due to slumping oil prices, making it the week's worst performer, further impacted by CVS Health's leadership changes.

(With inputs from agencies.)