UPDATE 1-Dow hits first intraday record high since February

The index had confirmed a ‌correction in March, closing 10% below record highs, as worries about the global economic ‌impact of the war in Iran fueled a broader Wall Street sell-off. "The more we inch towards that off-ramp in this war, the more the market gains confidence, especially on the heels of the end of a ⁠terrific earnings ​reporting season and ⁠guidance moving up for the whole year," said Art Hogan, chief market strategist at B Riley Wealth.

The Dow Jones ​Industrial Average hit an intraday record high ​on Friday, its first since ‌the U.S.-Iran war ​began, as AI-driven trade and market optimism over negotiations to end the war lifted risk appetite.

The blue-chip index hit ‌an intraday record high of 50,712.24 points and was last up 0.6%, surpassing its previous record high of 50,512.79 from February 10 after crossing 50,000 points earlier this week. The index had confirmed a ‌correction in March, closing 10% below record highs, as worries about the global economic ‌impact of the war in Iran fueled a broader Wall Street sell-off.

"The more we inch towards that off-ramp in this war, the more the market gains confidence, especially on the heels of the end of a ⁠terrific earnings ​reporting season and ⁠guidance moving up for the whole year," said Art Hogan, chief market strategist at B Riley Wealth. Artificial intelligence-driven moves ⁠and a Middle East ceasefire aided market recovery from March lows, with both the S&P 500 and the ​Nasdaq hitting record highs in mid-April. The industrials-heavy Dow lagged behind, however, as technology shares ⁠drove markets.

The blue-chip index that houses 30 stocks and was first constituted in 1896 is price weighted, unlike ⁠its ​peers, making it less exposed to the tech-driven rally. On the Dow, tech names Cisco, Amazon and Nvidia have outperformed over the quarter. The chip giant's sales outlook topped estimates ⁠this week.

Laggards over the same time period include Chevron, McDonalds and Nike. Robust first-quarter earnings have outweighed ⁠geopolitical uncertainties with analysts' ⁠estimates for the next 12-month U.S. earnings rising by over 10% since the start of the year, according to LSEG Datastream.