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The S&P 500 rose Friday after investors were given a hopeful sign that peace talks between the U.S. and Iran would soon take place in Pakistan.
The Dow Jones Industrial Average skidded 162.15 points to 49,141.63.
The much broader index hiked 16.95 points to 7,125.50.
The NASDAQ revived 174.32 points to 24,612.87.
The Middle East conflict has evolved into a naval standoff over the Strait of Hormuz as the U.S. and Iran have seized commercial ships. U.S. President Trump said in a Truth Social post on Thursday that he had ordered the U.S. Navy to “shoot and kill any boat” that is laying mines in the strait.
Given Thursday’s reversal from all-time highs for the S&P 500 and NASDAQ, headlines coming from the Middle East still can sway the market, even as traders attempt to look past the conflict and focus on corporate earnings reports.
The move higher in S&P 500 on Friday was supported by Intel shares, which soared 24%. The chipmaker posted first-quarter earnings that beat Wall Street’s expectations and shared an upbeat forecast for its current quarter.
That adds to the rally semiconductor stocks have seen this week.
For the three major averages, however, the week is shaping up to be mixed. The S&P 500 is on track to end the period flat, while the Dow is tracking for a 0.6% decline. The NASDAQ has risen 0.6% this week.
Prices for the 10-year Treasury hiked, lowering yields to 4.31% from Thursday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices lost a dollar to $94.85 U.S. a barrel.
Gold prices restored $30.40 to $4,754.40 U.S. an ounce.
