S&P touches fresh intraday record near 7,170 as breakout holds

The S&P 500 ended Friday, April 24, at a record 7,165.08 after touching 7,168.59 intraday, extending its breakout above 7,100. (cnbc.com) (google.com) The Nasdaq Composite also finished at a record, rising 1.63% to 24,836.60, while the Dow Jones Industrial Average fell 79.61 points to 49,230.71. (cnbc.com) (kitco.com) Chip stocks did most of the lifting. Intel jumped 23.6% after earnings, Advanced Micro Devices rose 13.9%, and the Philadelphia Semiconductor Index logged an 18th straight gain. (kitco.com) (thestreet.com) Markets also reacted to signs that U.S.-Iran talks could restart in Pakistan. Reuters reported that Iranian Foreign Minister Abbas Araqchi arrived in Islamabad as investors weighed the chance of lower oil risk. (kitco.com) (cnbc.com) That matters because the rally had already survived a war-driven selloff. CNBC reported the S&P 500 first closed above 7,100 on April 17 after erasing its Iran-war losses. (cnbc.com 1) (cnbc.com 2) Earnings have helped keep the move intact. Reuters said 139 S&P 500 companies had reported by April 24, with 81% beating estimates, and analysts raised expected first-quarter earnings growth to 16.1% from 14.4% at the start of the quarter. (kitco.com) The strength has not been uniform. Reuters said Procter & Gamble warned the Iran-linked jump in energy prices could cut about $1 billion from its fiscal 2027 profit, showing how oil remains a live risk even as stocks hit highs. (kitco.com) By Friday’s close, the S&P 500 was up 0.8% on the day and about 30% from a year earlier, with the benchmark holding above the level traders had only just cleared a week earlier. (cnbc.com) (ft.com)