NEW YORK (AP) — The U.S. stock market is rising toward more records Friday after Apple, Estee Lauder and other big companies became the latest to deliver fatter profits for the start of the year than analysts expected. Modest dips for oil prices also helped to steady the relatively few stock markets open worldwide on the May Day holiday.
The S&P 500 rose 0.6% and added to its all-time high set the day before. The Dow Jones Industrial Average was up
226 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was adding 0.7% to its own record.
Apple led the way and rose 3.3% after the iPhone seller reported stronger profit and revenue for the latest quarter than analysts expected.
Estee Lauder climbed 4.2% after reporting better earnings than expected, thanks in part to strength in China, and raised some of its financial forecasts. Colgate-Palmolive added 3.1% after likewise delivering bigger results than expected, though CEO Noel Wallace said it expects "volatile macroeconomic conditions and slower category growth to continue in 2026."
The main uncertainty for the global economy is where oil prices will go because of the Iran war. Their prices eased back on Friday after spurting earlier in the week.
The price for a barrel of Brent crude, the international standard, slipped 0.5% to $109.88, though it’s still up roughly 11% for the week.
Brent’s price has been climbing again on worries that the Strait of Hormuz will remain closed for a long time, which would prevent oil tankers pent up in the Persian Gulf from delivering crude to customers worldwide.
In the bond market, Treasury yields held relatively steady as oil prices moderated. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Thursday.
In stock markets abroad, many were closed for a holiday.
Tokyo’s Nikkei 225 rose 0.4%, and London’s FTSE 100 fell 0.6%.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.
