The telecom services group (-0.6%) lagged the field, as AT&T fell 1.7% after Bank of America downgraded the stock.
The Nasdaq composite outperformed the Dow and the S&P, rising 0.6 percent to close at 6,312.47.
The testimony boosted the Dow Jones by 0.6% to 21,532.14 - a record.More news: JIT Report 'Bundle of Baseless Allegations', says Pak PM Nawaz Sharif
NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.
The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 2,446.
Target shares jumped 4.8 percent, Wal-Mart Stores gained 1.5 percent, Macy's 4.2 percent and Best Buy 2.6 percent.More news: Sen. Chuck Grassley to send Trump Jr. letter asking him to testify
Thursday's action left the Nasdaq composite ahead almost 2% for the week and tracking toward its best weekly finish since late May.
Tiffany rose 1.9 percent as it named Alessandro Bogliolo, a veteran of the luxury industry, as its chief executive.
The S&P 500 is up 220.44 points, or 9.9 percent.More news: Flash flood watch issued for Livingston, other counties
The Russell 2000 is up 71.69 points, or 5.3 percent.