US stocks rose Friday after oil prices fell again and SpaceX soared in its highly anticipated debut on Wall Street.
- The Dow rose 353.51 points, or 0.7%, to 51,202.26, ending the week up 0.7%.
- The S&P 500 rose 37.16 points, or 0.5%, to 7,431.46, up 0.6% for the week.
- The Nasdaq rose 79.18 points, or 0.3%, to 25,888.84, closing out the week up 0.7%.
Stocks got a lift from a 3.4% drop in the price of Brent crude oil to $87.33 per barrel, deepening its loss for the week, the AP reports. Oil prices have come down since President Trump on Thursday called off his threat to launch strikes on Iran and said a potential deal with Iran may be imminent. Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time. The bigger factor for Wall Street over the last week has actually been artificial intelligence stocks, and how they have gone from roaring to records to suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour.
AI-related stocks were otherwise mixed following their roller-coaster moves over the last week. Micron Technology's drop of 1.4% was one of the heaviest weights on the S&P 500, but CoreWeave jumped 5% after learning it will join the Nasdaq 100 index later this month. Elsewhere on Wall Street, Adobe dropped 6.8% despite reporting stronger profit and revenue for the latest quarter than analysts expected. Its stock has lost nearly 42% this year, and the company announced its chief financial officer is leaving on Monday. Adobe is already looking for a CEO to replace Shantanu Narayen, who announced in March that he is stepping aside after 18 years.
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