Markets Hit Record Highs as S&P 500 and Nasdaq Rally; Apple Earnings Beat Drives Tech Surge
Major stock indexes closed Friday at all-time highs, with the S&P 500 and Nasdaq both reaching record levels. Apple's strong earnings report and better-than-expected revenue guidance led the tech rally, while oil prices fell as peace talks with Iran showed progress.
Historic Market Close
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.
Apple's Strong Performance
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.
International Markets
Markets in Australia and Japan closed higher on May Day, with the S&P/ASX 200 snapping an eight-session losing streak. Australia's market was up 0.74% and closed at 8,729.8, while Japan's Nikkei 225 climbed 0.38% to 59,513.12.