Key Takeaways
The S&P 500 rose 0.7 percent Friday to close at a record 7,495.28, securing its eighth consecutive weekly gain as a robust earnings season and persistent excitement over artificial intelligence powered stocks higher.
United States President Donald Trump declared a new stock market record on Friday, highlighting the benchmark index’s longest winning streak since December 2023. The Dow Jones Industrial Average added 0.83 percent, while the tech-heavy Nasdaq Composite climbed 0.69 percent.
The rally is underpinned by a corporate earnings season that is on track to be the strongest in five years. With 93 percent of S&P 500 firms having reported, 83 percent have surpassed analyst expectations, a beat rate not seen since 2021, according to data from Bloomberg Intelligence. This suggests the market’s strength is broadening beyond the initial AI-fueled gains.
Investor optimism also drew strength from reports of a potential deal between the U.S. and Iran, which helped temper concerns about conflict in the Middle East. The market’s fear gauge, the Cboe Volatility Index or VIX, fell 0.95 percent to 16.60, hovering near its lowest level since February and signaling calm among traders heading into a long holiday weekend. The advance in equities came even as Brent crude oil futures traded above $104 a barrel. The U.S. 10-year Treasury yield retreated to 4.583 percent.
This article is for informational purposes only and does not constitute investment advice.
