Wall Street rallies again as oil prices ease, stocks near records

Wall Street kept climbing Friday, with investors treating lower oil prices and a wave of solid corporate results as enough reason to keep pressing toward record territory. The S&P 500 and Nasdaq composite both touched fresh highs during the session, even as the Dow Jones Industrial Average lagged, a split that showed how much of the market’s lift was still coming from growth and technology names rather than every corner of the blue-chip universe.

By the close, the S&P 500 had added 21.11 points, or 0.3%, to 7,230.12. The Nasdaq composite rose 222.13 points, or 0.9%, to 25,114.44. The Dow fell 152.87 points, or 0.3%, to 49,499.27. Earlier in the day, the S&P 500 had been up about 0.6% and the Nasdaq was also setting records intraday, a sign that buyers remained willing to chase strength even after an already powerful April run.

The rally was not built on speculation alone. Apple gave the market one of its biggest boosts, reporting fiscal second-quarter revenue of $111.2 billion, up 17% from a year earlier, and diluted earnings per share of $2.01, up 22%. Apple said services revenue reached a new all-time high, and the stock rose in after-hours trading after the report. The size of that beat mattered because Apple remains one of the heaviest weights in the index complex, and a strong showing from Cupertino can still move the market’s tone.

Estée Lauder also added to the upbeat backdrop with better-than-expected fiscal third-quarter results, and AP’s market framing pointed to a broader pattern: major companies have been delivering stronger profits at the start of 2026. That has helped keep the rally anchored to earnings, not just to hopes that the Federal Reserve will soon cut rates.

Bond yields also eased, which helped support equities by making future profits look a little more attractive in present-value terms. Treasury-market data in the Federal Reserve’s H.15 release were still being watched closely Friday, while a Philadelphia Fed manufacturing survey showed general business activity rising to 26.7 in April from 18.1 in March, a reminder that the economy was still expanding even as some parts cooled.

Oil prices were another key factor. Brent crude was still around $111 a barrel, but easing energy costs helped calm inflation worries and offered some relief to households and businesses facing higher fuel bills. With many Asian markets closed for the May Day holiday, some of the cross-border volatility that had rattled traders earlier in the week also faded. The result was a market that looked less like a speculative burst and more like a bet that earnings can stay firm even as inflation pressure slowly eases.