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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 lost 80.84 points to 49,228.48.
The much broader index grew 56.59 points to 7,164.99.
The NASDAQ spiked 398.09 points, or 1.6%, to 24,836.60.
For the three major averages, however, the week is shaping up to be mixed. The S&P 500 ended the period up 0.5%, while the Dow is tracking for a 0.6% decline. The NASDAQ rose 1.5% this week.
MS NOW reported, citing a Pakistani official, that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday evening to have a discussion with Pakistani mediators about a possible second round of negotiations with the U.S.
Oil prices pulled back following the development. U.S. West Texas Intermediate futures were last trading above $94 per barrel, while international benchmark Brent crude futures were trading above $105 a barrel.
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 $15.79, or 23.6% to $82.57. 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.
Prices for the 10-year Treasury turned higher, making yields dip to 4.31% from Thursday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices lost 88 cents to $94.93 U.S. a barrel.
Gold prices tacked on $8.30 to $4,732.30 U.S. an ounce.
