Major US stock indices climbed on Friday, fueled by robust corporate earnings and declining crude oil prices, despite the ongoing closure of the Strait of Hormuz.
At the open, the Dow Jones Industrial Average rose 180.4 points, or 0.36%, to 49,832.57. The S&P 500 rose 25.5 points, or 0.35%, to 7,234.54, while the Nasdaq Composite rose 85.5 points, or 0.34%, to 24,977.79.
Oil values softened following reports from Iranian state media that Tehran has submitted a fresh peace proposal to Washington via Pakistani mediators.
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.
More broadly across large companies, the first-quarter “earnings growth rate has blown past expectations,” said Briefing.com analyst Patrick O’Hare.
“The market remains resolute in its belief that the Iran War and the blockade will end without creating long-lasting damage to the global economy.” O’Hare added.
In the bond market, the yield on the 10-year Treasury edged down to 4.39% from 4.40% late on Thursday.
Key Stock Movers
Apple shares jumped more than 4% as it reported its best results ever for a March quarter. The iPhone sales grew by double digits in just about every country where it does business.
Estee Lauder stock soared 4.2% after the firm reported better earnings than expected.
Colgate-Palmolive shares gained 3.1% after likewise delivering bigger results than expected.