The wind in Wall Street's sails has been a "team" effort, with the artificial intelligence (AI) revolution, stock-split euphoria, better-than-anticipated corporate operating results, a resurgence in share repurchase activity, and optimism following President-elect Donald Trump's victory all leading the charge.

The Vanguard Mid-Cap Growth ETF was rising 0.6% on Friday morning at $266.77, putting the fund on pace to potentially book its first record close since November 2021, according to Dow Jones Market Data.

At the other end of the Dow was Nvidia , which fell 3.2%, shedding $116 billion in market value along the way. The artificial intelligence (AI) chipmaker reported solid earnings e

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

"There were some warning signs from Target, but if you look at personal income and retail sales, they have been strong all year," said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview. "That suggests the consumer has buying power."