By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
Stock indexes closed higher on Wall Street, adding to the all-time highs they set a day earlier. The S&P 500 added 0.2% Friday. That was the seventh straight gain for the index. The S&P 500 also closed out its ninth straight winning week, the longest such streak since 2023. Tech stocks led the way, including a 32.8% gain for Dell Technologies after the company delivered profits that blew past expectations. Dell also raised its outlook, citing powerful demand for AI computing. The Dow added 0.7%, and the Nasdaq composite rose 0.2%. European and Asian markets mostly rose. Brent crude fell 1.7%.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks rose on Wall Street in afternoon trading Friday, adding to the all-time highs they set a day earlier.
The S&P 500 rose 0.2% Friday. The index is coming off six gains in a row and is headed for a ninth straight winning week, which would be the longest such streak since 2023.
The Dow Jones Industrial Average rose 325 points, or 0.6%, as of 3:10 p.m. Eastern. The Nasdaq composite rose 0.2%. Every major index is on track for records and to close out May with solid gains.
Markets in Europe and Asia mostly rose.
Technology stocks lead the gains. Dell Technologies surged 31.4% after after delivering profits that blew past expectations. The company also raised its outlook, citing powerful demand for AI computing.
Microsoft rose 3.6% and Broadcom rose 2.4%. Big technology stocks have been behind much of the market’s record-breaking streak. Their pricey stock values give them more influence in directing the market higher or lower. In May alone, technology stocks within the S&P 500 rose more than 15%, while most of the sectors in the benchmark index actually lost ground.
“The rally has been largely tech-led and supported by resilient earnings, but the key question is whether it can be sustained,” wrote Angelo Kourkafas, senior global strategist at Edward Jones, in a research note.
Wall Street has been gaining ground against worries that the U.S. war with Iran is worsening inflation and jeopardizing economic growth.
The U.S. and Iran are reportedly working toward a deal to extend a ceasefire. That eased pressure on oil prices. The price for August delivery of Brent crude, the international standard, fell 1.7% to settle at $91.12 per barrel. It is still well above the $70 per barrel level in late February before the war began. The price for a barrel of benchmark U.S. crude oil for July delivery fell 1.7% to settle at $87.36.
Treasury yields held relatively steady as oil prices fell. The yield on the 10-year Treasury held steady at 4.45%, where it was late Thursday.
High oil prices remain a key concern for Wall Street. The war has stifled the flow of oil shipments through the Strait of Hormuz. Roughly a fifth of the world’s oil and natural gas is shipped through the waterway.
That has pushed up prices for gasoline and a wide range of goods, feeding inflation and squeezing consumers and businesses. Prices were already rising before the war began from the ongoing impact of tariffs.
Several reports this week reflected inflation’s rise and impact on consumers. A measure of inflation preferred by the Federal Reserve accelerated in April to its highest level in three years. Consumer confidence is slipping amid the squeeze from rising inflation.
Wall Street’s worries about rising inflation have been somewhat muted by the latest round of corporate profit reports. Companies in the S&P 500 have reported profit growth of 28% overall for the most recent quarter, according to FactSet. The overwhelming majority of companies in the S&P 500 have already reported their latest results. That could mean investors’ focus may shift back toward inflation, consumers’ behavior and the Fed’s path ahead for interest rates.
The Fed has been holding its benchmark interest rate steady as it closely watches rising inflation. It is expected to continue holding rates steady at its next meeting in June and through the year, according to CME’s FedWatch tool. Cutting interest rates could help lower borrowing costs and give the economy a jolt, but it could also worsen inflation at time when prices are already high and rising.