Perhaps more important was Friday's surge in the NASDAQ Composite Index (IXIC) which broke above key trend line resistance that dates back to 2001 at 3,330.
During the session, the index added 11.4 points, or 0.7%. Tech stocks were the day's outperformers sending the Nasdaq Composite (COMP) up 27.8 points, or 0.9%, to close at 3,307.02. In intraday activity, the COMP pegged a new 12-year high of 3,315.33.
The U.S. stock market closed out a volatile week of trading with solid gains for the S&P 500 and the Nasdaq Composite. The Dow closed the session up only 10 points, however, after IBM plunged in the wake of a weak fiscal first-quarter earnings report.
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