Source: Fortune
Summary
The S&P 500 reached a new record high, led by Intel’s 23.6% surge after reporting strong profits. The Dow Jones Industrial Average dipped, while the Nasdaq composite rallied to its own record. Oil prices fluctuated amid tensions between the US and Iran, but a ceasefire is in place. The US and Iran are set to meet for ceasefire negotiations in Pakistan. Procter & Gamble and Intel reported stronger-than-expected profits, while Charter Communications and Hartford Insurance Group reported weaker results.
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The numbers tell one story.
Intel’s CEO Lip-Bu Tan attributes the company’s success to the increasing need for its chips and products due to the growing demand for artificial-intelligence technology. The company’s forecast for profit in the spring topped analysts’ estimates. The S&P 500 has leaped nearly 13% in a little under a month, with hopes building that the US and Iran can avoid a worst-case scenario for the global economy. Oil prices are still volatile, but a ceasefire is in place. The US and Iran are set to meet for ceasefire negotiations in Pakistan.
The announcement sounds familiar, as the market is rallying on hopes of a peaceful resolution to the conflict.
Author: Evan Null
