Business · Fortune Technology
In the bond market, Treasury yields eased as traders upped their bets on the possibility that the Federal Reserve could
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The path appeared to clear Friday for Trump’s nominee to chair the Fed, Kevin Warsh, after the U.S. Justice Department ended its probe into the Fed’s current chair, Jerome Powell.
Key facts
- All told, the S&P 500 rose 56.68 points to 7,165.08
- The yield on the 10-year Treasury dipped to 4.30% from 4.34% late Thursday
- The price for a barrel of Brent crude to be delivered in June yo-yoed for much of the day before settling at $105.33, up 0.2%
- 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
Summary
A surge for Intel following a blowout profit report led the U.S. stock market to more records Friday, while oil prices kept yo-yoing in the wait for what’s next with the Iran war. The S&P 500 climbed 0.8% and topped its prior all-time high, which was set on Wednesday. Intel led the way and roared past its 2000 peak during the dot-com boom to an all-time high. 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. A ceasefire is tenuously in place between the two, but tensions between them are still keeping oil tankers from passing through the Strait of Hormuz to deliver crude from the Persian Gulf to customers worldwide.