Nasdaq Sets Record High Thanks To Google

(RTTNews) - Stocks were mixed Friday after strong gains earlier in the week, with the Nasdaq setting a new record high powered by Google.

Google surged 16 percent after the tech giant reported second quarter earnings that came in above analyst estimates after the close of trading on Thursday.

It was the biggest one-day market cap gain in U.S. market history.

Facebook also rose along with other tech stocks.

The Nasdaq gained 44.96 points, or 0.9%, to 5,210.14 and rose 4.25% over the week. The S&P 500 edged up 2.35 points, or 0.1%, to 2,126.64 and gaining 2.4% over the week.

The Dow Jones Industrial Average ended lower, falling 33.80 points, or 0.2%, to 18,086.45 but managed a 1.8% weekly gain.

General Electric (GE) and Honeywell (HON) also moved to the upside after reporting better than expected second quarter earnings before the start of today's trading.

Meanwhile, notable losses by Intel (INTC), Boeing (BA) and Chevron (CVX) are contributing to the pullback by the Dow.

Traders digested the latest batch of U.S. economic data, including a report from the Commerce Department showing significant increases in both housing starts and building permits in the month of June.

The report said housing starts jumped 9.8 percent to an annual rate of 1.174 million in June from the revised May estimate of 1.069 million. Economists had expected housing starts to climb to a rate of 1.125 million.

Building permits, an indicator of future housing demand, also surged up 7.4 percent to an annual rate of 1.343 million in June from the revised May rate of 1.125 million.

Separately, the Labor Department released a report showing that consumer prices rose in line with economist estimates in the month of June.

The Labor Department said its consumer price index climbed by 0.3 percent in June following a 0.4 percent increase in May. The continued increase in prices matched economist estimates.

Light Sweet Crude Oil futures for August delivery, the most actively traded contract, inched down $0.02, to settle at $50.89 a barrel on the New York Mercantile Exchange Friday. It was the lowest close in three months.