The S&P 500 posted on Friday its best closing level since early February as shares from some of the largest tech companies hit record highs.
The broad index climbed 0.1 percent to 2,801.31 as Facebook, Amazon and Microsoft rose 0.2 percent, 0.9 percent and 1.2 percent, respectively. Friday also marked the first time since Feb. 1 the S&P 500 closed above 2,800.
"2,800 has been a significant level both mentally and technically for the market," said Jeff Kilburg, CEO of KKM Financial. "I think this will be a short-lived move above 2,800, however" as trade concerns and corporate earnings releases keep gains at bay.
The Dow Jones Industrial Average rose 94.52 points to 25,019.41 with United Technologies and Walgreens Boots Alliance outperforming. The Dow also closed above 25,000 for the first time since June 15. The Nasdaq Composite eked out a small gain to close at 7,825.98, a record.
Some of the major U.S. banks reported earnings Friday before the open. J.P. Morgan Chase posted better-than-expected earnings and sales, as its trading revenue rose 13 percent in the second quarter on a year-over-year basis. Citigroup, meanwhile, posted a stronger-than-expected profit but its revenue for the quarter missed. J.P. Morgan Chase slipped 0.5 percent after rising as much as 0.9 percent, while Citigroup dropped more than 2 percent.