The Dow Jones Industrial Average climbed 182.60 points, or 0.4%, to close at 50,644.28. The S&P 500 edged up 1.24 points to finish at a record 7,520.36, while the Nasdaq Composite gained 18.55 points to close at an all-time high of 26,674.73.
Wall Street’s gains were fueled by strength in technology and semiconductor stocks, although the pace of the rally slowed compared with earlier sessions. Investors continued pouring money into companies tied to artificial intelligence infrastructure after recent earnings from major chipmakers reinforced expectations for strong long-term demand.
Micron Technology remained one of the market’s standout performers this week following a massive rally tied to AI-related memory chip demand.
Investor sentiment also improved after oil prices dropped sharply on hopes that diplomatic discussions between the United States and Iran could reduce tensions in the Middle East and ease concerns over disruptions in the Strait of Hormuz, one of the world’s most important oil shipping routes.
Brent crude prices fell more than 4%, helping calm fears that surging energy costs could reignite inflation pressures.
Retail stocks also contributed to market strength after several companies posted better-than-expected quarterly earnings. Shares of Abercrombie & Fitch and Bath & Body Works moved higher following strong consumer spending results, easing some investor worries about slowing economic activity.
