New York: Ahead of a long weekend, Wall Street’s major indexes increased on Friday. As investors monitored the status of negotiations to end the nearly three-month-old crisis, the blue-chip Dow reached a new high for the first time since the start of the Iran war.
The S&P 500 is expected to climb for the eighth week in a row, which would be its longest winning run since December 2023. The majority of megacap and growth stocks saw gains, with Apple rising 2% to reach a market capitalization of over $4.5 trillion for the first time.
With the Philadelphia chip index up 2.4%, semiconductor stocks, a major contributor to recent Wall Street advances, were generally up. With a 12% increase, Qualcomm was in the lead. Following China’s Lenovo Group’s better-than-expected 27% increase in quarterly revenue, PC manufacturers Dell Technologies and HP Inc. also saw increases of more than 15%.
A Qatari negotiating delegation landed in Tehran in conjunction with the United States to try to assist negotiate a deal to halt the conflict and address lingering difficulties, according to Reuters’ most recent report on the Iran situation.According to Thomas Hayes, chairman of Great Hill Capital LLC, “the market has been operating under the assumption that there will be a relatively near-term resolution.
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