US stocks reached record highs on Friday, with the S&P 500 and the Nasdaq extending a rally driven by their biggest monthly gains in years. The S&P 500 jumped 1.0 per cent to 7,209.01, while the Nasdaq Composite Index added 0.9 per cent to 24,892.31.
The gains were fueled by tech strength, resilient US economic growth, and strong corporate earnings. One analyst noted that corporate profits are driving the record highs as investors drew comfort from the reported earnings.
This upward momentum occurred despite deepening fears regarding an escalation in the Middle East conflict and a more hawkish Federal Reserve. While oil prices had previously spiked to a four-year high, they fell on Thursday as stocks advanced.
Looking ahead to next week, investors will look for fresh employment data and another batch of earnings reports to drive the resilient rally higher.