Equity Alert
Strong week for Wall Street; S&P 500, NASDAQ hit new highs
This story was originally published at 07:59 IST on 11 May 2026
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Equity Alert: Strong week for Wall Street; S&P 500, NASDAQ hit new highs
MUMBAI--0735 IST--The US indices ended the week to Friday on a strong note, largely driven by a rally in technology stocks. The market braved some jitters due to concern stemming from intensified tensions between the US and Iran. The NASDAQ and the S&P notched their sixth straight week of gains, and the indices touched new all-time highs Friday.
On Friday, chipmakers performed well. Intel ended the day nearly 14% higher after The Wall Street Journal reported that the company reached a preliminary agreement with Apple to manufacture chips. For the week, shares of Intel closed with whopping 25% gains. Among others, Qualcomm closed 8% higher Friday, and Nvidia and Apple ended 2% higher.
Further, the total non-farm payrolls edged up 115,000 in April and the rate of unemployment was unchanged from March at 4.3%. This was much better than economists' estimates of an increase by 55,000, Reuters reported. The US labour market seems to be stabilising, and the recent data also lent some cheer to the Street.
"This is an economy that seems hard to wreck," Rob Williams, chief investment strategist at Sage Advisory Services told Reuters. "It's the productivity story, the spending, the consumer wealth effect and the earnings," Williams said.
The following were the closing levels of major US indices on Friday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49609.16 | 0.02 |
|
NASDAQ Composite |
26247.076 | 1.71 |
|
S&P 500 |
7398.93 | 0.84 |
(Ruchira Kagita)
US$1 = INR 94.48
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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