NEW YORK (AP) 鈥� U.S. stocks ticked higher Friday after Wall Street showed for winners of the boom.
The S&P 500 rose 0.4% to close out its fourth winning week in the last five. The Dow Jones Industrial Average added 149 points, or 0.3%, and the Nasdaq composite climbed 0.3%.
SK Hynix, a giant South Korean maker of memory chips, shone in the debut of its stock trading on the Nasdaq. After raising roughly $26.5 billion by selling American depositary shares at a price of $149 each, it jumped immediately after trading began in the midday hours and finished with a gain of 13.1%.
SK Hynix鈥檚 stock in Seoul has already surged 634% over the last year thanks to euphoria around AI. The boom has created real profits due to surging demand for computer memory. But it鈥檚 also that AI stock prices have shot have too high and that all the world鈥檚 spending on chips and data centers won鈥檛 be able to produce enough productivity and profit growth to make it worth it.
That鈥檚 led to for AI stocks, which have grown into some of Wall Street鈥檚 most influential because of their huge sizes.
Nvidia was the strongest single force lifting the S&P 500 Friday after rising 4%.
Beyond the uncertainty about AI, the focus on Wall Street is shifting to the upcoming reporting season for companies鈥� profits during the spring.
Delta Air Lines said it was able to absorb higher fuel prices from April through June because of strong demand from customers to fly, including a wide range of corporate travelers. That helped it report profit and revenue for the spring that topped analysts鈥� expectations, and it gave a forecasted range for upcoming profit in the summer whose midpoint was above analysts鈥� expectations.
Delta鈥檚 stock fell 1.8%, though, after coming into the day with a strong 28.2% rise for the year so far.
Companies across industries will need to produce big growth in profits to justify the big moves for their stock prices, which are broadly near records. Next week will feature earnings reports from many of the biggest U.S. banks, including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo on Tuesday alone.
Elsewhere on Wall Street, Circle Internet Group rose 5%. The company behind the USDC cryptocurrency, which is supposed to keep the value of $1, said it won U.S. regulatory approval to establish a bank. It will operate under the name Circle National Trust, and CEO Jeremy Allaire said the move 鈥渕arks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.鈥�
WD-40鈥檚 stock jumped 10.6% after reporting much stronger profit for the latest quarter than analysts expected.
All told, the S&P 500 rose 31.75 points to 7,575.39. The Dow Jones Industrial Average gained 149.60 to 52,367.01, and the Nasdaq composite climbed 74.72 to 26,281.61.
In the oil market, prices continued to pare on worries about how the will affect the .
The price for a barrel of Brent crude oil, the international standard, dipped 0.4% to $76.01.
That鈥檚 above its $72 price from the start of the week, but it鈥檚 still well below its wartime peak of nearly $120. The worry is that continued fighting could block oil tankers from and prevent the delivery of crude from the Persian Gulf to customers worldwide.
President Donald Trump said on his social-media platform that he agreed to continue talks with Iran but also that the United States told Iran 鈥渢hat the Cease Fire is OVER!鈥�
In the bond market, Treasury yields ticked higher. The yield on the 10-year Treasury rose to 4.56% from 4.54% late Thursday.
have weighed on financial markets worldwide. Yields have climbed on worries about expensive oil and , which could push and other central banks to
Higher rates can keep a lid on inflation, but they also for all kinds of investments.
In stock markets abroad, indexes were mixed. South Korea鈥檚 Kospi jumped 2.5%, and Japan鈥檚 Nikkei 225 rose 1.2% for two of the world鈥檚 bigger moves, but stocks fell 1% in Shanghai.
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AP Business Writers Chan Ho-him and Matt Ott contributed to this report.
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