Written by AP Business Writer Daniel J. Troise
NEW YORK (AP) Wall Street is poised to end a successful week at an all-time high as stocks surged in Friday morning trade.
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Early Friday saw a 0.5% increase in the S&P 500, putting it on pace to break its February high. In addition to rising 0.5%, the Nasdaq composite is headed for a record. At 9:58 a.m. Eastern, the Dow Jones Industrial Average was up 273 points, or 0.6%, to 43,657.
A record for the S&P 500 would be a dramatic change from just three months ago, when concerns about President Donald Trump’s trade policies caused the main indicator of Wall Street’s health to drop over 20% from its February peak.
Friday’s gains were widespread, with almost all of the S&P 500’s sectors seeing increases.Despite warning of a sharp hit from tariffs, Nike surged 15.3% for the largest gain on the market.
The market as a whole appears to have moved past concerns that the Israel-Iran conflict will impair the world’s crude oil supply and drive up oil prices.There is still a ceasefire between the two countries.
Although it increased by 1%, the price of crude oil in the United States has largely returned to its pre-conflict levels since last week.
Potential developments in the trade disputes between the United States and the rest of the globe, particularly with China, are also being watched by investors. Without giving any specifics, Trump claimed that the United States and China had inked a trade agreement.
The two parties have further finalized the specifics of the framework for their trade discussions, according to China’s Commerce Ministry. However, the deal to guarantee U.S. access to rare earths—materials used in high-tech applications that have been at the heart of negotiations—was not specifically mentioned in its statement.
Prices increased slightly in May, according to a Friday inflation update, although the rate largely met economists’ forecasts.
Yields on bonds increased. Late Thursday, the yield on the 10-year Treasury increased from 4.24% to 4.28%. Late Thursday, the two-year Treasury yield, which more accurately reflects expectations for the actions of the Federal Reserve, increased from 3.72% to 3.75%.
While Asian stocks ended mixed, European stocks were largely higher.
