S&P 500 reaches all-time high as Apple surges on strong earnings; oil prices ease
U.S. stock markets hit record levels Friday as oil prices fell following Iran's reported diplomatic response. Tech giant Apple surged over 3% after beating earnings expectations and raising revenue guidance, leading a broad market rally across all three major indexes.
Markets Rally on Earnings & Oil Decline
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 was last up 0.5%. The Nasdaq Composite added 0.8% and had also scored a new all-time high.
Apple Leads Tech Strength
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.
Oil Price Pressure Eases
Oil prices fell after Iran reportedly sent its response through Pakistani mediators to the latest U.S. Move—signaling potential diplomatic progress that reduced energy market anxiety.
Fed Policy Dissents
Federal Reserve officials who voted this week against the post-meeting statement said they didn't think it was appropriate to signal that the next interest rate move would be lower. Regional presidents Neel Kashkari of Minneapolis and Beth Hammack of Cleveland released statements explaining their votes.