The index ended Friday’s session at 4,839.81 after reaching an all-time intraday high of 4,842.07, surpassing its prior record reached two years ago.
The Friday before, the market benchmark closed at 4,783.83. The week-over-week advance came in just four sessions as the market had been closed that Monday for the Martin Luther King Jr. holiday.
Taiwan Semiconductor Manufacturing said it expects full-year revenue growth in the low-to-mid-20% range. The outlook is considered a key indicator of chip industry health as the company’s chips are used in Apple (AAPL) iPhones as well as Qualcomm (QCOM) mobile chipsets and Advanced Micro Devices’ (AMD) processors, among others.
Amid the bullish chip industry signal, the technology sector led the week’s climb with a 4.3% increase, followed by a 1.9% rise in communication services. Other gainers included financials, consumer discretionary and industrials.
In communication services, shares of Walt Disney (DIS) rose 3.0% as the entertainment company’s board rejected the nominations by activist shareholders Trian Fund Management and the Blackwells Group, and endorsed 12 nominees for directors.
On the downside, utilities fell 3.7%, followed by a 3.1% drop in energy and a 2.1% decline in real estate. Other sectors that fell included materials, consumer staples and health care.
Key economic data expected this week will include a preliminary reading on Q4 gross domestic product on Thursday as well as the December personal consumption expenditures price index, a closely watched inflation reading.
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