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S&P 500 closes at a new record to usher in May as oil prices cool and Apple rises: Live updates
The S&P 500 rose to a fresh all-time intraday high on Friday, boosted by Apple shares, while oil prices fell as a new month of trading got underway.
The broad market index advanced 0.29% to end at 7,230.12. The Nasdaq Composite added 0.89%, reaching an all-time high and closing at 25,114.44. Both indexes posted closing records. The Dow Jones Industrial Average slipped 152.87 points, or 0.31%, to settle at 49,499.27.
Shares of Apple climbed more than 3% after the consumer tech giant posted a fiscal second-quarter earnings and revenue beat. Not only that, the company's revenue outlook for the current quarter was better than expected, overshadowing the fact that iPhone revenue fell short of estimates for the second time in three quarters.
It was another wild month for markets. Here’s what it means for you
Markets just had a month of seemingly contradictory results. The S&P 500 just had its best month in nearly six years, even though oil prices have surged back above $100 per barrel and bond yields have climbed.
Stocks are forward looking and trying to see past the war with Iran. But energy prices have spiked and borrowing costs have risen while the Strait of Hormuz, a key waterway for crude, remains effectively closed. Hereâs what to know:
The S&P 500 soared more than 10% in April and hit seven record highs after tumbling in March. It was the indexâs best month since November 2020.
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