A surge for Intel following a blowout profit report led the US stock market to more records Friday, while oil prices kept yo-yoing in the wait for what's next with the Iran war.
- The Dow fell 79.61 points, or 0.2%, to 49,230.71, closing the week down 0.4%.
- The S&P 500 rose 55.68 points, or 0.8%, to 7,165.08, up 0.5% for the week.
- The Nasdaq rose 398.09 points, or 1.6%, to 24,836.60, up 1.5% for the week.
Intel led the way and roared past its 2000 peak during the dot-com boom to an all-time high, the AP reports. It soared 23.6% for its best day since 1987 after reporting much stronger results for the first three months of the year than analysts expected. CEO Lip-Bu Tan said the next wave of artificial intelligence technology is increasing the need for Intel's chips and products, and the company's forecast for profit in the spring topped analysts' estimates. Such strong profit reports have helped Wall Street rally to records, and the S&P 500 has leaped nearly 13% in a little under a month. Hopes have also built in financial markets that the US and Iran can find a way to avoid a worst-case scenario for the global economy because of their war.
Procter & Gamble rose 2.5% after reporting stronger profit for the latest quarter than analysts expected. CEO Shailesh Jejurikar said it saw broad-based growth across regions and products, which include Bounty paper towels and Tide detergent. That helped offset a drop of 25.5% for Charter Communications, whose profit for the latest quarter came in weaker than analysts expected. It lost 120,000 internet customers during the three months, more than some analysts expected. Hartford Insurance Group fell 3.7% after reporting profit growth for the latest quarter that fell short of analysts' expectations.
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