US stocks rally, tech giants lead the pack

• Another day, another record high for US stocks
• Today's rally led by tech stocks

Major US indices hit fresh record highs this Friday on the back of forecast-beating results from tech giants like Amazon and Microsoft.

At the time of writing, the Nasdaq Composite index is trading at 7,000 levels; up 2.18 percent on the day. The tech index has added 30 percent to its value this year.

As per Reuters report, "Amazon jumped as much 12.8 percent after reporting a quarterly sales surge." Shares in Google's parent company, Alphabet ticked up by 6.4 percent after it reported a revenue boost from advertising sales.

The stocks also received a boost from the stronger US Q3 preliminary GDP reading. The US Bureau of Economic Analysis (BEA) data showed the US economy expanded 3 percent in the third quarter. The upbeat GDP figure is likely to cement the Dec Fed rate hike expectations.