NASDAQ Composite ended last week 4 per cent higher as big technology stocks such as Apple and Facebook supported the upward momentum.
On Friday, while the S&P 500 closed 0.30 percent lower at 3,841.47, the tech-heavy NASDAQ Composite gained 0.090 percent to another all-time high of 13,543.06.
The Dow Jones Industrial Average settled down 179.03 points, or 0.57 per cent to 30,996.98. While Apple surged another 1.6 percent on Friday, taking total weekly gains to nearly 10 per cent, Facebook and Microsoft also rose 9.2 percent and 6.3 percent last week.
On the other hand, IBM stock fell nearly 10 percent after the company reported fourth-quarter sales which were below expectations.
The cyclical stocks are expected to gain most out of the new COVID-19 stimulus plan by the Biden administration. Among the biggest laggards, energy, financial, and materials lost at least 1 per cent each last week.