U.S. stocks gain ground, adding to their records, as Dell soars

Trader Edward Curran, left, and specialist Meric Greenbaum, center, work on the floor of the New York Stock Exchange, Friday, May 22, 2026. (AP Photo/Richard Drew)

NEW YORK — Stocks rose on Wall Street in afternoon trading Friday, adding to the all-time highs they set a day earlier.

The S&P 500 rose 0.3 per cent Friday. The index is coming off six gains in a row and is headed for a ninth straight winning week, which would be the longest such streak since 2023.

The Dow Jones Industrial Average rose 349 points, or 0.7 per cent, as of 1:18 p.m. Eastern. The Nasdaq composite rose 0.3 per cent. Every major index is on track for records and to close out May with solid gains.

Markets in Europe and Asia mostly rose.

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Technology stocks lead the gains. Dell Technologies surged 28.7 per cent after after delivering profits that blew past expectations. The company also raised its outlook, citing powerful demand for AI computing.

Microsoft rose 3.9 per cent and Broadcom rose 2.9 per cent. Big technology stocks have been behind much of the market’s record-breaking streak. Their pricey stock values give them more influence in directing the market higher or lower. In May alone, technology stocks within the S&P 500 rose more than 15 per cent, while most of the sectors in the benchmark index actually lost ground.

“The rally has been largely tech-led and supported by resilient earnings, but the key question is whether it can be sustained,” wrote Angelo Kourkafas, senior global strategist at Edward Jones, in a research note.

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Wall Street has been gaining ground against worries that the U.S. war with Iran is worsening inflation and jeopardizing economic growth.

The U.S. and Iran are reportedly working toward a deal to extend a ceasefire. That eased pressure on oil prices. Brent crude, the international standard, fell 2.1 per cent to US$90.78 a barrel. It is still well above the US$70 per barrel level in late February before the war began. Benchmark U.S. crude fell 2.3 per cent to US$86.89 per barrel.

Treasury yields held relatively steady as oil prices fell. The yield on the 10-year Treasury fell to 4.44 per cent from 4.45 per cent from late Thursday.

High oil prices remain a key concern for Wall Street. The war has stifled the flow of oil shipments through the Strait of Hormuz. Roughly a fifth of the world’s oil and natural gas is shipped through the waterway.

That has pushed up prices for gasoline and a wide range of goods, feeding inflation and squeezing consumers and businesses. Prices were already rising before the war began from the ongoing impact of tariffs.

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Several reports this week reflected inflation’s rise and impact on consumers. A measure of inflation preferred by the Federal Reserve accelerated in April to its highest level in three years. Consumer confidence is slipping amid the squeeze from rising inflation.

Wall Street’s worries about rising inflation have been somewhat muted by the latest round of corporate profit reports. Companies in the S&P 500 have reported profit growth of 28 per cent overall for the most recent quarter, according to FactSet. The overwhelming majority of companies in the S&P 500 have already reported their latest results. That could mean investors’ focus may shift back toward inflation, consumers’ behavior and the Fed’s path ahead for interest rates.

The Fed has been holding its benchmark interest rate steady as it closely watches rising inflation. It is expected to continue holding rates steady at its next meeting in June and through the year, according to CME’s FedWatch tool. Cutting interest rates could help lower borrowing costs and give the economy a jolt, but it could also worsen inflation at time when prices are already high and rising.

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Damian J. Troise And Alex Veiga, The Associated Press