U.S. stocks capped a strong week with more records on Friday. The S&P 500's record was its fifth this week, the AP reports. The Nasdaq composite also bettered its record of the day before.
- The Dow rose 208.01 points, or 0.5%, to 44,901.92, closing the week up 1.3%.
- The S&P 500 rose 25.29 points, or 0.4%, to 6,388.64, 1.5% higher for the week.
- The Nasdaq rose 50.36 points, or 0.2%, to 21,108.32, up 1% for the week.
Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected, the AP reports. Its growth was particularly strong outside the US, where revenue soared nearly 50%. Edwards Lifesciences rose 5.5% after likewise surpassing Wall Street's expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the range it had forecast earlier.
They helped offset a drop of 8.5% for Intel, which fell after reporting a loss for the latest quarter when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the US technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. The pressure is on companies now to deliver solid growth in profits in order to justify big gains for their stock prices, which have rallied to record after record in recent weeks, per the AP.
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