Stock market hits new records as strong April jobs report overshadows Iran military tensions
The S&P 500 and Nasdaq reached all-time highs Friday as employers added 115,000 jobs in April, beating expectations despite ongoing Middle East conflicts. Tech stocks led gains, with semiconductor companies soaring on AI infrastructure demand.
Markets Rally on Jobs Data
Record closes: The S&P 500 advanced 0.84% to close at 7,398.93, while the Nasdaq Composite climbed 1.71% to 26,247.08. Both indexes posted new all-time intraday highs and closed at records.
Strong employment: Nonfarm payrolls rose by 115,000 in April, exceeding Wall Street's forecast of 65,000 gains. The robust jobs report boosted investor sentiment despite elevated gas prices from the Iran conflict.
Tech leadership: Among the largest 20 tech stocks, only three declined: Microsoft (-1.41%), Palantir (-0.47%), and IBM (-1.06%). Micron Technology surged 13.7%, Oracle jumped 13.56%, and SanDisk climbed 14.27%.
Semiconductor strength: The Philadelphia Semiconductor Index is up more than 10% for the week, with 2026 gains now reaching 65%. The momentum reflects sustained AI infrastructure demand.
Weekly winners: The Nasdaq gained 4.5% for the week, while the S&P 500 advanced 2.3%, marking six consecutive winning weeks.