US stocks climbed to record highs on Friday after employers added 177,000 jobs in April, nearly double what economists had forecast, offsetting concerns over rising oil prices tied to the ongoing conflict with Iran.
The S&P 500 gained 0.8% to close at 7,398.93, marking its sixth consecutive winning week, its longest such streak since 2024. The Nasdaq composite rose 1.7% to 26,247.08, also setting a record. The Dow Jones Industrial Average edged up 12.19 points to 49,609.16.
Hiring slowed from March’s pace but remained well above expectations. Markets have rallied since late March on hopes that the war with Iran will not produce a worst-case outcome for the global economy and that the Strait of Hormuz will reopen to oil tanker traffic.
Those hopes face ongoing pressure. US forces fired on and disabled two Iranian oil tankers Friday after overnight exchanges of fire in the Strait of Hormuz, the latest flare-up casting doubt on the month-old ceasefire the United States has maintained is still in effect. Brent crude rose 1.2% to settle at $101.29 per barrel, down from highs above $119 during the war but well above its pre-conflict level of roughly $70.
Strong corporate earnings have also supported markets. Monster Beverage jumped 13.6% after topping analyst expectations for profit and revenue, with international sales reaching a record 45% of total net sales. Akamai Technologies surged 26.6% after results edged past expectations and the company announced a $1.8 billion, seven-year cloud infrastructure deal. CoreWeave reported revenue more than double the prior year’s figure but posted a worse-than-expected net loss and issued a revenue forecast whose midpoint fell short of analyst estimates. Its stock fell 11.4%.
European and Asian markets largely declined. Germany’s DAX fell 1.3% and Hong Kong’s Hang Seng dropped 0.9%. South Korea’s Kospi was an exception, edging up 0.1% to a record.
The yield on the 10-year Treasury fell to 4.36% from 4.41% the prior session, after a University of Michigan survey showed consumer sentiment near its lowest level since 2022. Consumers cited concerns over gasoline prices and tariffs, though near-term inflation expectations softened slightly.
