Stocks Hit Highs on Jobs Strength, AI Rally – US Market Wrap
Stocks rose, oil fell, yields were steady, and the dollar was little changed as strong labor data and AI momentum drove gains.
Signs of labor-market strength pushed stocks to all-time highs, reinforcing bets the US economy remains resilient despite the energy shock from the Iran war. The S&P 500 notched a sixth straight weekly advance as optimism around growth supported earnings expectations.
A revival in the AI trade lifted chipmakers, with the sector jumping 11% since last Friday. Oil declined on the week as reports said the US and Iran are working toward a framework for talks to end the conflict.
The US expects a response from Iran on its latest proposal, with tensions in the Strait of Hormuz still threatening a fragile ceasefire. Meanwhile, payrolls rose for a second straight month in April and the unemployment rate held steady, underscoring labor market resilience.
