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Financial Markets 05/29 09:33
NEW YORK (AP) -- Stocks rose in morning trading on Wall Street Friday,
adding to the all-time highs they set a day earlier.
The S&P 500 rose 0.4% 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 182 points, or 0.4%, as of 9:57 a.m.
Eastern. The Nasdaq composite rose 0.6%.
The gains were broad, with technology stocks leading the way. Dell surged
33% after after delivering profits that blew past expectations. The company
also raised its outlook, citing powerful demand for AI computing.
Every major index is on track for records and to close out May with solid
gains, despite worries about the U.S. war with Iran and its impact on inflation.
Markets in Europe and Asia mostly rose.
The U.S. and Iran are reportedly working toward a deal to extend a
ceasefire. That eased pressure on oil prices. Brent crude, the international
standard, fell 1.8% to $92.10 a barrel. It is still well above the $70 per
barrel level in late February before the war began. Benchmark U.S. crude fell
1.5% to $87.55 per barrel.
Treasury yields held relatively steady as oil prices fell. The yield on the
10-year Treasury remained at 4.45% from 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 gasoline prices and prices for a wide range of goods higher,
feeding inflation and squeezing consumers and businesses.
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.
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