The major averages finish on a high note at new record highs led by tech, energy and drug stocks. The Dow Jones Industrial Average rose 90 points or 0.23%. The S&P 500 rose 40 points or 0.8% while the Nasdaq rose 183 points.

Tech was led by Dell up 31% following better than expected earnings and guidance as the company benefits from AI. Rival, HP Enterprises was modestly higher even though their earnings were lackluster.

AI chip stocks also lent support to the rally as Nvidia, AMD, and Micron were higher by 4% or more on no news. The other chip stocks were also higher.

Not all stocks were higher today. The dog of the day goes to New York Community Bancorp which fell 25% as the CEO exits and the bank reports a fourth quarter loss of $2.7 billion due to internal control issues and loan losses.

U.S. Treasury yields declined to end the week as fresh economic data did show inflation ticked a little higher, but not enough to push yields up or stoke further fears of inflation.  

On a weekly basis, the Nasdaq added 1.74%, while the S&P 500 advanced 0.95%. Both indexes notched their seventh positive week over the last eight. The 30-stock Dow is the laggard, falling  0.11% on the week.