In a landmark session for Wall Street, the S&P 500 and Nasdaq Composite closed at all-time highs on Friday, fueled by a sharp rally in Intel shares. The Dow Jones Industrial Average also advanced, as broad-based gains lifted market sentiment.
The S&P 500 gained 0.6% to finish at 5,200.04, eclipsing its previous record set in March. The Nasdaq rose 0.8% to end at 16,300.10, while the Dow added 150 points, or 0.4%, closing at 39,000.00.
Intel was the standout performer, surging 12% after the chipmaker announced a strategic partnership with a leading AI firm and provided an optimistic revenue forecast for the current quarter. The news sparked a rally in semiconductor stocks, with the Philadelphia Semiconductor Index jumping 2.5%.
“Investors are rotating back into tech, especially semiconductors, as AI demand remains robust,” said Emily Harper, chief market strategist at Summit Wealth Management. “Intel’s announcement was a catalyst that reignited enthusiasm for the sector.”
Other major tech names also contributed to the rally, with Apple and Microsoft both rising over 1%. Tesla added 2.3% amid reports of progress in its self-driving technology.
On the economic front, data showed consumer sentiment improved slightly in April, while inflation expectations remained stable, easing concerns about the Federal Reserve’s next policy move.
“The market is digesting a mix of positive earnings and steady economic signals,” noted David Chen, portfolio manager at Horizon Investments. “We’re seeing a broadening of gains, which is a healthy sign for the rally’s sustainability.”
The records marked a continuation of the strong start to the year for US stocks, with the S&P 500 up nearly 10% in 2024. However, some analysts cautioned that valuations remain elevated and volatility could return as earnings season progresses.