Wall Street pushed further into the record books Friday, as the major stock indexes extended the market's recent winning streak and closed out a solid month of gains.
- The Dow rose 363.49 points, or 0.7%, to 51,032.46, rising 0.9% for the week.
- The S&P 500 rose 16.43 points, or 0.2%, to 7,580.06, closing the week up 1.4%.
- The Nasdaq rose 55.15 points, or 0.2%, to 26,972.62, ending the week up 2.4%.
Big technology stocks have been behind much of the market's record-breaking streak, the AP reports; 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 of Edward Jones in a research note. Tech stocks powered the market higher on Friday. Microsoft rose 5.4% and Broadcom gained 4.7%. Dell Technologies surged 32.8% to lead all stocks in the S&P 500 after delivering profits that blew past expectations. The company also raised its outlook, citing demand for AI computing.
Most other sectors in the S&P 500 lost ground Friday. Among the decliners: Paramount Skydance fell 1.9%, Amazon.com dropped 1.2%, and Costco Wholesale closed 3.9% lower. Wall Street has been gaining ground against worries that the Iran war is worsening inflation and jeopardizing economic growth. The US 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 US crude oil for July delivery fell 1.7% to settle at $87.36.
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