Wall Street Rallies, Eyeing Fresh All-Time High Closes/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Wall Street rose Friday, positioning the S&P 500 and Nasdaq for potential record closes. Investors shrugged off oil worries and eyed progress on U.S.-China trade talks. Nike soared despite tariff concerns, helping push markets broadly higher.
Markets Update + Quick Looks
- Wall Street rallies: S&P 500 and Nasdaq near fresh records.
- Broad market strength: Nearly every sector rises Friday morning.
- Nike jumps 15%: Despite tariff warnings, stock posts market’s biggest gain.
- Oil price steadies: Ceasefire helps calm crude markets.
- Bonds tick higher: Treasury yields edge up on inflation data.
Wall Street Rallies, Eyeing Fresh All-Time High Closes
Deep Look
WALL STREET GAINS, RECORD HIGHS WITHIN REACH
Stocks climbed in early trading Friday, pushing the S&P 500 and Nasdaq composite closer to all-time highs, as Wall Street shook off recent economic worries and geopolitical tensions.
By late morning, the S&P 500 was up 0.5%, on pace to eclipse its previous record set in February. The Nasdaq rose by the same margin, also eyeing a new high. The Dow Jones Industrial Average added 0.6%, or 273 points, reaching 43,657.
MARKET REBOUNDS FROM SPRING SLUMP
The looming records mark a sharp turnaround from just three months ago, when the S&P 500 had slid nearly 20% from its February peak amid investor fears that President Donald Trump’s trade policies could stall the economy.
Friday’s gains were broad-based, with nearly every sector of the S&P 500 in positive territory. Among standout performers, Nike rocketed 15.3%, the strongest gain on the market, even as the company warned of a significant impact from tariffs.
GEOPOLITICAL WORRIES EASE
Investors appear to be breathing easier over the conflict between Israel and Iran. Fears that war could disrupt global oil supplies have eased, with a ceasefire still holding between the two nations.
While U.S. crude oil prices rose about 1% Friday, they’ve largely retreated to levels seen before the fighting began.
TRADE TALKS FUEL HOPES
Investors are also focused on potential progress in global trade negotiations, particularly between the U.S. and China. President Trump announced that the two nations had signed a trade deal, though he offered few details.
China’s Commerce Ministry confirmed that both sides had “further confirmed the details of the framework” for talks. However, the ministry’s statement stopped short of mentioning any concrete agreement guaranteeing U.S. access to rare earth minerals, critical for high-tech industries and a major sticking point in negotiations.
INFLATION STAYS WITHIN EXPECTATIONS
Economic data released Friday showed that U.S. inflation rose modestly in May, aligning mostly with economists’ expectations and helping temper worries that prices could derail the market rally.
BONDS YIELD SLIGHTLY HIGHER
Bond yields inched upward alongside stock gains. The yield on the 10-year Treasury note rose to 4.28% from 4.24% late Thursday. The two-year Treasury yield, which more closely reflects expectations for Federal Reserve policy, climbed to 3.75% from 3.72%.
GLOBAL MARKETS MIXED
Stocks overseas showed mixed results. European markets traded mostly higher, while Asia saw a blend of gains and losses as investors digested the week’s geopolitical and economic news.
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