WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Friday, adding to the modest gains posted in the previous session. The major averages have all moved to the upside, with the Dow reaching a new record intraday high.
Currently, the major averages are off their highs of the session but still in positive territory. The Dow is up 283.82 points or 0.6 percent at 50,569.48, the Nasdaq is up 120.54 points or 0.5 percent at 26,413.63 and the S&P 500 is up 33.74 points or 0.5 percent at 7,479.46.
The strength on Wall Street comes amid persistent about an end to the U.S.-Iran war even as crude oil and gasoline prices remain elevated going into the busy Memorial Day weekend.
In remarks to reporters on Thursday, Secretary of State Marco Rubio claimed the U.S. and Iran have made 'some progress' in negotiations to end the war.
Rubio also said there have been 'some good signs' but cautioned he doesn't want to be 'overly optimistic' and noted President Donald Trump has been clear he has 'other options' if the U.S. and Iran can't get a 'good deal.'
One of the sticking points seems to be Iran's efforts to establish a tolling system for the Strait of Hormuz, which Rubio called 'unacceptable' and said 'would make a diplomatic deal unfeasible.'
Rubio's comments come as reports from Iranian state media suggest the latest U.S. peace proposal has narrowed some of the gaps between the two countries.
Meanwhile, traders have largely shrugged of a report from the University of Michigan showed consumer sentiment in the U.S. deteriorated by much more than previously estimated in the month of May.
The University of Michigan said its consumer sentiment index for May was downwardly revised to 44.8 from a preliminary reading of 48.2. Economists had expected the index to be unrevised.
With the unexpected downward revision, the consumer sentiment index is down sharply from 49.8 in April, hitting its lowest reading on records going back to 1952. The report also showed increases in both year-ahead and long-run inflation expectations.
Surveys of Consumers Director Joanne Hsu noted the consumer sentiment index fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices.
'The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month,' Hsu said.
She added, 'Critically, consumers appear worried that inflation will increase and proliferate beyond fuel prices, even in the long run.'
Sector News
Computer hardware stocks are extending the rally seen in the previous session, with the NYSE Arca Computer Hardware Index soaring by 6.4 percent to a record intraday high.
The index is adding to the 4.9 percent spike on Thursday after the Commerce Department announced the signing of 9 letters of intent to provide $2.0 billion in federal incentives to a portfolio of quantum computing companies.
Networking stocks have also shown a strong move to the upside, driving the NYSE Arca Networking Index up by 2.3 percent to a record intraday high.
Semiconductor and airline stocks are also seeing considerable strength, while gold stocks are moving notably lower along with the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index surged by 2.7 percent, while China's Shanghai Composite Index jumped by 0.9 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.'s FTSE 100 Index is up by 0.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 4.580 percent.
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