Wall Street closes at new highs, boosted by technology stocks
Alphabet Inc. Class A GOOGL | 0.00 | |
General Motors Company GM | 0.00 | |
Super Micro Computer, Inc. SMCI | 0.00 | |
American Eagle Outfitters, Inc. AEO | 0.00 | |
Okta OKTA | 0.00 |
NEW YORK, May 29 (Reuters) - Wall Street's main indexes hit record closing highs on Friday, posting weekly and monthly gains, boosted by a surge in technology stocks following Dell's earnings, while investors awaited details of a possible U.S.-Iran deal.
President Donald Trump announced in a social media post that he would make his final decision on the Iran nuclear deal today. Tehran has previously stated that it is looking for actions, not just words, in any agreement.
Dell's stock saw a significant rise after the company raised its full-year profit and revenue forecasts on Thursday. The technology sector also climbed, driven by gains in chipmakers' shares.
The software services index also rose.
"There is definitely a sense of euphoria in the market regarding artificial intelligence," said Osong Kwon, chief equity strategist at Wells Fargo. "The rally has really been earnings-driven."
Preliminary data indicated that the Standard & Poor's 500 index rose 16.11 points, or 0.21 percent, to 7579.74 points, the Nasdaq Composite index increased 53.74 points, or 0.20 percent, to 26971.21 points, and the Dow Jones Industrial Average climbed 363.48 points, or 0.72 percent, to 51032.45 points.