Stocks hit new-all time highs on Friday boosted by technological companies and hopes for a deal to end the war in Iran.
Both the S&P 500 and the Nasdaq Composite climbed about 0.2%, with the former getting close to 7,600 points and the latter to 27,000. Both hit intraday highs in the session.
Dell Technologies stood out in the session, with shares soaring over 30% after reporting higher-than-expected results and raising its full-year guidance. It was the company’s best day ever.
Friday’s was the last trading session of May. All three major indexes posted gains. The Dow Jones Industrial Average has seen a 2% increase, the S&P 500 climbed 5% and the Nasdaq Composite outperformed with an 8% gain.
Oil also dropped on Friday after President Donald Trump said he would be meeting with his national security team to make a decision on the deal with Iran.
Brent crude, the international benchmark, dropped more than 1% at 4:22 p.m. ET, clocking in at $91.70. West Texas Intermediate, the U.S. benchmark, dropped a similar amount and stood at $87,96 at the same time.
In a social media publication, Trump reiterated that Tehran “must agree that they will never have a Nuclear Weapon or Bomb” as a key condition for any deal.
“The Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, in both directions. All water mines (bombs), if any, will be terminated (we have removed, through detonation, numerous such mines with our great underwater mine sweepers. Iran will complete the immediate removal and/or detonation of any mines that are left, which will not be many!)” Trump added.
He went on to say that the U.S.’s blockade of Iranian ports would be lifted and “nuclear dust,” will be “unearthed” in coordination with Iran and the International Atomic Energy Agency, and “DESTROYED.”
“No money will be exchanged, until further notice. Other items, of far less importance, have been agreed to. I will be meeting now, in the Situation Room, to make a final determination,” Trump added.
The development comes hours after Vice President JD Vance said the U.S. and Iran are “very close” to reaching an an agreement on a memorandum of understanding to extend the ceasefire and begin negotiations on Tehran’s nuclear program.
“We’re going back and forth on a couple of language points. We’ve made a lot of progress here,” Vance said when discussing the state of negotiations.
“Hopefully, we’ll continue to make progress and the president will be in a position where he can endorse the agreement, but obviously that’s still TBD,” he added.
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