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STOCKS END WEEK ON HIGH NOTE; DOW AND CHIPS HIT RECORDS

Wall Street ended the week on a strong note, with all three major indexes rising in Friday's session as investors bet on an eventual resolution of the Middle East conflict.

The Dow Jones Industrial Average notched a record high close, while the PHLX chip index .SOX jumped 2% and also hit an all-time high.

The U.S. has made some progress toward a deal with Iran, though more work remains, Secretary of State Marco Rubio said on Friday. Iran's foreign ministry spokesman said differences between the two sides remained deep.

Qualcomm QCOM.O soared almost 12%, while Advanced Micro Devices AMD.O rallied 4%. Apple AAPL.O advanced over 1%, driving the S&P 500's gain.

Shares of U.S. computer makers surged, with Dell Technologies DELL.N up almost 17% and HP HPQ.N surging over 15%, after strong results from China's Lenovo Group 0992.HK.

The S&P 500 rose 0.9% for the week, marking its eighth weekly increase, its longest weekly streak since December 2023. The index is down just 0.4% from its May 14 record high close.

Here is the final snapshot:

(Noel Randewich)

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