Wall Street continued its upward climb to record heights Friday with tech's outsized performance leading the way.
The combined value of Apple, Amazon, Microsoft, Facebook and Google parent Alphabet - the S&P 500's five biggest companies - now stands at more than $7 trillion, accounting for almost 25 percent of that index's entire market value.
As for the market numbers...the Dow is back into positive territory for the year - thanks to a 161-point jump. The S&P 500 gained 23 points to mark its sixth record closing high. The Nasdaq closed at a lifetime high as well - up 60 points.
While the power of tech can not be denied, Hercules Investments CEO James McDonald thinks this market is being artificially propped up.
"I have watched this market grind higher for the past three months. And if you take the last month for example, we've had three sessions trading downward on the S&P 500. This is unprecedented. Every time markets start to show weakness, buying comes in. I believe there's been a mandate behind closed doors from our Fed and other central banks around the world to hold this market steady, to keep buying, knowing that on the other side of this, the Fed will provide favorable rates and will provide favorable liquidity. And so that's what I think is keeping up the markets."
Friday's stock gains came despite more signs of economic uncertainty.
There was slower growth in Midwest manufacturing activity.
And even though consumer spending quickened pace in July, that happened when jobless Americans was getting a now expired $600 in extra weekly unemployment assistance. Economists fear consumer spending, which accounts for two-thirds of all economic activity, is likely to slow without additional benefits.
And the layoffs keep on coming...
Coca-Cola is laying off 4,000 workers as it grapples with a slowdown in sales with many bars, restaurants and other eating establishments closed...
And MGM informed 18,000 furloughed workers that they won't be coming back.