Big Tech, chipmakers power S&P 500, Nasdaq to record highs

The S&P 500 and the Nasdaq hit record highs on Thursday on stellar earnings reports, with investors looking past the Federal Reserve’s asset tapering plan as borrowing costs remain low.

The Dow slipped from an all-time closing high hit on Wednesday, dragged down by big banks JPMorgan Chase & Co and Goldman Sachs Group which slipped 1.7% and 2.6% despite steepening of the yield curve. Shares of Qualcomm Inc jumped 11.4% after the chipmaker forecast better-than-expected profit and revenue for its current quarter.

Rival Nvidia Corp also climbed 9.9% to provide the biggest boost to the S&P 500 and Nasdaq, while the Philadelphia SE semiconductor index added 2.1%.