Stock Market Surges Past 7,200 as Apple Beats Earnings, Iran Peace Talks Show Progress
The S&P 500 surged past the 7,200 milestone to start May, driven by Apple's strong earnings beat and reports that Iran is engaging with U.S.-backed peace proposals through Pakistani mediators. Markets rallied on optimistic signals from corporate earnings and diplomatic progress in Middle East tensions.
Market Record Closes
The S&P 500 surged past the 7,200 milestone to kick off May, propelled by a 3% jump in Apple (AAPL) shares. The S&P 500 advanced 0.54%, while the Dow Jones Industrial Average gained 0.37%, the Nasdaq climbed 0.69%, and the Russell 2000 rose 2.21%.
Apple Earnings Drive Rally
Despite a second consecutive quarterly miss in iPhone revenue, Apple's superior revenue guidance and earnings beat effectively calmed Wall Street.
Iran Peace Negotiations Boost Oil Markets
Broader markets found further support as West Texas Intermediate futures fell 2% on reports that Iran is engaging with U.S.-backed peace amendments via mediators.
Tech Sector Outperformers
Atlassian shares surged 23% Friday after the collaboration software giant smashed fiscal third-quarter expectations, reporting adjusted earnings of $1.75 per share on $1.79 billion in revenue.