Dow35061.55+238.20(0.68%)Nasdaq14836.98+152.39(1.04%)SP 5004411.79+44.31(1.01%)10-yr Note 0/321.280NYSEAdv 2013 Dec 1192 Vol 813.1 mlnNasdaqAdv 2136 Dec 2192 Vol 3.9 bln Industry Watch Strong: Communication Services, Health Care, Consumer Staples, UtilitiesWeak: Energy Moving the Market -- S&P 500, Nasdaq, and Dow set intraday and closing record highs-- Mega-caps provided key leadership amid expectations for strong earnings results next week-- Snap (SNAP) and Twitter (TWTR) exceed earnings expectations and issued upbeat revenue guidance-- Value/cyclical stocks underperformed Large caps lead market to new highsDow +238.20 at 35061.55, Nasdaq +152.39 at 14836.98, S&P +44.31 at 4411.79 [BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.0%), and Dow Jones Industrial Average (+0.7%) set intraday and closing record highs on Friday, largely due to leadership from the mega-caps amid high expectations for their earnings reports next week. The Russell 2000 increased 0.5%. Alphabet ($GOOG 2756.32, +89.75, +3.4%) and Facebook ($FB 369.79, +18.60, +5.3%) scored the biggest gains in the mega-cap space after Snap ($SNAP 78.02, +15.05, +23.9%) and Twitter ($TWTR 71.66, +2.09, +3.0%) provided better-than-expected earnings results and upbeat revenue guidance for the third quarter. The 24% earnings-pop in SNAP likely added to the bullish bias, as did Credit Suisse raising its price target on FB to a Street-high $480 from $400. Apple ($AAPL 148.56, +1.76, +1.2%), Microsoft ($MSFT 289.67, +3.53, +1.2%), and Amazon.com ($AMZN 3656.64, +18.61, +0.5%) tallied decent gains. The S&P 500 communication service sector (+2.7%), which is home to GOOG, FB, and TWTR, easily finished atop the sector leaderboard with a 2.7% gain. The health care (+1.2%), consumer staples (+1.2%), and utilities (+1.3%) sectors followed behind, giving off some defensive vibes. The energy sector (-0.4%) was the only sector that closed lower while the financials (+0.1%) and industrials (+0.4%) sectors underperformed with small gains. Energy and financial stocks struggled to attract buying interest despite an uptick oil prices ($72.09/BBL, +0.17, +0.2%), some curve-steepening activity in the Treasury market, and better-than-expected earnings reports from American Express ($AXP 173.18, +2.28, +1.3%) and Schlumberger ($SLB 28.41, +0.43, +1.5%). This performance gap between defensive-oriented and cyclical sectors might have been due to lingering peak growth concerns after the preliminary IHS Markit Services PMI decreased to 59.8 in July from 64.6 in June. The corresponding PMI for manufacturing activity, however, reached a record-high of 63.1. For what it's worth, the Dow closed above the 35,000 level while the S&P 500 closed above the 4,400 level -- both for the first time ever. Intel ($INTC 53.00, -2.96, -5.3%) and Honeywell ($HON 229.32, -3.42, -1.5%) were some laggards within the Dow despite both companies exceeding earnings expectations. The 2-yr yield decreased two basis points to 0.19%, while the 10-yr yield increased two basis points to 1.29%. The U.S. Dollar Index increased 0.1% to 92.90. Reviewing Friday's economic data: Preliminary July IHS Markit Manufacturing PMI increased to 63.1 from 62.1 in the final reading from June. The preliminary July IHS Markit Services PMI decreased to 59.8 from 64.6 in the final reading from June. Looking ahead, investors will receive New Home Sales for June on Monday. S&P 500 +17.5% YTDNasdaq Composite +15.1% YTDDow Jones Industrial Average +14.6% YTDRussell 2000 +11.9% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .