Wall Street hit a record high on Friday, buoyed by reports of a potential US-Iran ceasefire deal. Stocks are on track for a nine-week winning streak and a strong May.
The S&P 500 rose 0.3% to 7,584.56, while the NASDAQ Composite added 0.3% to 26,985.94, briefly topping 27,000 for the first time. The Dow Jones Industrial Average climbed 0.7% to a record 51,026.66.
President Trump said he would make a final determination on the Iran deal, which includes reopening the Strait of Hormuz. However, Iranian state media disputed key aspects, calling Trump's comments a 'mixture of truth and lies.'
Oil prices fell, with Brent crude down 1.9% to $90.90 and WTI down 1.8% to $87.28. The potential reopening of the strait has weighed on oil.
Tech stocks rallied on AI optimism, with Dell surging over 30% after raising its outlook. Gap shares plunged nearly 18% after cutting sales forecasts.
