Dow hits first intraday record high since February

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 chip giant's sales outlook topped estimates this week. Laggards over the same time period include Chevron, McDonalds and Nike.

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 rose 0.73% to 50,651 points, 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.

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. 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.