Major United States benchmark averages advanced on Friday (Saturday AEST), with the Dow Jones Industrial Average closing at a record high as investors welcomed signs of progress in negotiations aimed at ending the Middle East conflict and digested another strong batch of corporate earnings results.
The Dow Jones Industrial Average climbed 294.0 points, or 0.6%, to finish at a record closing high of 50,579.7. The S&P 500 gained 27.8 points, or 0.4%, to 7,473.5, while the Nasdaq Composite added 50.9 points, or 0.2%, to close at 26,344.0.
The S&P 500 also recorded its eighth consecutive weekly gain, marking its longest winning streak since a nine-week run ended in December 2023.
Semiconductor stocks, which have been a major driver of the recent rally in U.S. equities, were mostly stronger. The Philadelphia Semiconductor Index advanced as Qualcomm surged almost 12%, extending its winning streak to a third straight session, while Nvidia slipped 1.9%.
Shares in U.S. computer makers also rallied after Chinese technology group Lenovo reported a better-than-expected 27% increase in quarterly revenue.
Dell Technologies rose 17% to a record high, while HP Inc climbed 15%.
Among individual companies, Estée Lauder jumped 12% after the cosmetics maker and Spanish perfumery company Puig ended discussions regarding a potential merger.
Workday gained 5% after the human resources software provider delivered first-quarter revenue and profit that exceeded market expectations.
Meanwhile, Kevin Warsh was sworn in as chair of the Federal Reserve on Friday, taking over leadership of the central bank at a critical time for the U.S. economy as higher petrol prices linked to the Iran conflict continue to fuel inflation concerns and weigh on consumer sentiment.
On the bond markets, long-dated U.S. Treasury yields eased after retreating from recent highs. The benchmark 10-year Treasury yield fell 0.4% to 4.556%, while the two-year Treasury yield lifted 1.1% to 4.123%.
U.S. financial markets will remain closed on Monday, 25 May, 2026, for the Memorial Day holiday before resuming normal trading on Tuesday, 26 May.
