The Nasdaq composite set a new record high Thursday as technology stocks continue to rally in the face of surging coronavirus cases.

The tech-heavy Nasdaq rose more than 40 points Thursday, climbing to a record high of more than 10,500 points with 0.4 percent increase driven by rising Apple, Amazon, Alphabet and Facebook shares. The S&P 500 index ticked down 0.2 percent and the Dow Jones Industrial Average fell 0.5 percent.

Stocks have climbed steadily since the outset the coronavirus pandemic and economic collapse it caused, recovering even as COVID-19 cases surge and threaten to deepen the recession driven by the health crisis.