US stocks gain ground, adding to their records, as Dell soars

Wall Street pushed further into the record books Friday, as the major stock indexes extended the market’s recent winning streak and closed out a solid month of gains.

The S&P 500 rose 0.2%, notching its seventh consecutive gain and ninth straight winning week — the longest such streak since 2023. The benchmark index set an all-time high for the fourth day in a row.

The Dow Jones Industrial Average gained 0.7% and the Nasdaq composite added 0.2%. The Dow and Nasdaq also reached new heights after posting record highs earlier in the week.

Big technology stocks have been behind much of the market’s record-breaking streak. Their pricey stock values give them more influence in directing the market higher or lower. In May alone, technology stocks within the S&P 500 rose more than 15%, while most of the sectors in the benchmark index actually lost ground.

“The rally has been largely tech-led and supported by resilient earnings, but the key question is whether it can be sustained,” wrote Angelo Kourkafas, senior global strategist at Edward Jones, in a research note.

Tech stocks also powered the market higher Friday. Microsoft rose 5.4% and Broadcom gained 4.7%.

Dell Technologies surged 32.8% to lead all stocks in the S&P 500 after delivering profits that blew past expectations. The company also raised its outlook, citing powerful demand for AI computing.

Most other sectors in the S&P 500 lost ground Friday. Among the decliners: Paramount Skydance fell 1.9%, Amazon.com dropped 1.2%, and Costco Wholesale closed 3.9% lower.

Wall Street has been gaining ground despite worries that the U.S. war with Iran is worsening inflation and jeopardizing economic growth.

The U.S. and Iran are reportedly working toward a deal to extend a ceasefire. That eased pressure on oil prices. The price for August delivery of Brent crude, the international standard, fell 1.7% to settle at $91.12 per barrel. It is still well above the $70 per barrel level in late February before the war began. The price for a barrel of benchmark U.S. crude oil for July delivery fell 1.7% to settle at $87.36.

Treasury yields held relatively steady as oil prices fell. The yield on the 10-year Treasury slipped to 4.44% from 4.45% late Thursday.

Still, 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.