All Three Major Averages Close at Record Highs as Tech Surge Offsets Iran Tensions
CNBC reported Thursday that all three major US indexes closed at Wall Street record highs, powered by a broad advance in technology stocks even as geopolitical uncertainty clouded the after-hours picture.
The S&P 500 climbed 0.58% to a fresh closing record. The Nasdaq Composite added 0.91%, also notching a new intraday peak. The Dow Jones Industrial Average managed a slim 0.05% gain to close at its own record level.
Tech Earnings Fuel the Record Wall Street Push
Stocks surged to session highs after Axios reported that US and Iranian negotiators had largely agreed on a 60-day memorandum of understanding. The proposed deal would extend the ceasefire and open a window for talks on Iran’s nuclear program, citing multiple US and regional sources. A White House official subsequently told CNBC the two sides had “mostly agreed” on terms.
The optimism proved short-lived. Iranian state media reported late Thursday that the country’s armed forces had fired missiles at unspecified targets, introducing fresh doubt about the fragile truce.
Despite the geopolitical noise, Citi Wealth’s chief investment officer Kate Moore argued the real engine behind the rally is corporate performance. Speaking on CNBC’s Closing Bell Overtime, Moore said the recovery from March lows reflected growing confidence that tensions would eventually resolve. She attributed continued upside to what she called a technology and AI super cycle running at full speed, noting that strong results had arrived company after company throughout the earnings season.
A Month and a Week of Gains in Context
The broader weekly and monthly picture reinforces the resilience of the current move. The Nasdaq leads weekly performers with a gain exceeding 2%. The S&P 500 is up more than 1% for the week, while the Dow lags with a sub-1% advance.
May is shaping up as an even stronger month. The Nasdaq is on pace for an 8% gain. The S&P 500 has risen nearly 5%, and the Dow is tracking a roughly 2% monthly advance. Friday is the final session of May, and all three indexes are positioned to close the month in positive territory.
After-Hours Movers Set Up Friday’s Open
Post-close earnings delivered sharp single-stock moves. Dell Technologies surged roughly 30% in extended trading after the company raised its full-year guidance and posted a first-quarter beat on both revenue and profit. Clothing retailer American Eagle Outfitters fell around 11% after comparable sales at its namesake banner declined 2% in the first quarter.
Traders head into Friday watching for April wholesale inventory data and the May Chicago PMI reading, a gauge tracking manufacturing and services activity in the Chicago region.
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