Intel’s best day since 1987 leads the US stock market to more records
[April 25, 2026] By
STAN CHOE
NEW YORK (AP) — A surge for Intel following a blowout profit report led
the U.S. stock market to more records Friday, while oil prices kept
yo-yoing in the wait for what’s next with the Iran war.
The S&P 500 climbed 0.8% and topped its prior all-time high, which was
set on Wednesday. The Dow Jones Industrial Average dipped 79 points, or
0.2%, and the Nasdaq composite rallied 1.6% to its own record thanks to
the jump for tech.
Intel led the way and roared past its 2000 peak during the dot-com boom
to an all-time high. It soared 23.6% for its best day since 1987 after
reporting much stronger results for the first three months of the year
than analysts expected. CEO Lip-Bu Tan said the next wave of
artificial-intelligence technology is increasing the need for Intel’s
chips and products, and the company’s forecast for profit in the spring
topped analysts’ estimates.
Such strong profit reports have helped Wall Street rally to records, and
the S&P 500 has leaped nearly 13% in a little under a month. Hopes have
also built in financial markets that the United States and Iran can find
a way to avoid a worst-case scenario for the global economy because of
their war.
A ceasefire is tenuously in place between the two, but tensions between
them are still keeping oil tankers from passing through the Strait of
Hormuz to deliver crude from the Persian Gulf to customers worldwide.
Oil prices climbed this week on worries about the strait, but an
encouraging signal came Friday after Iran’s top diplomat said he was
heading to Pakistan. That’s where officials have been trying to get the
United States and Iran to convene for a second round of ceasefire
negotiations.
White House press secretary Karoline Leavitt later said in an interview
on Fox News Channel that President Donald Trump is sending his envoys
Steve Witkoff and Jared Kushner to Pakistan to meet with Iran’s foreign
minister.
The price for a barrel of Brent crude to be delivered in June yo-yoed
for much of the day before settling at $105.33, up 0.2%. The price for a
barrel of Brent oil delivered in July, which is where more of the
trading is happening in the market, fell 0.2% to $99.13.
On Wall Street, Procter & Gamble rose 2.5% after reporting stronger
profit for the latest quarter than analysts expected. CEO Shailesh
Jejurikar said it saw broad-based growth across regions and products,
which include Bounty paper towels and Tide detergent.
That helped offset a drop of 25.5% for Charter Communications, whose
profit for the latest quarter came in weaker than analysts expected. It
lost 120,000 internet customers during the three months, more than some
analysts expected.
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Options trader Matthew Hefter, center, works on the floor of the New
York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard
Drew)
 Hartford Insurance Group fell 3.7%
after reporting profit growth for the latest quarter that fell short
of analysts’ expectations.
All told, the S&P 500 rose 56.68 points to 7,165.08. The Dow Jones
Industrial Average dipped 79.61 to 49,230.71, and the Nasdaq
composite rallied 398.09 to 24,836.60.
In the bond market, Treasury yields eased as traders upped their
bets on the possibility that the Federal Reserve could resume its
cuts to interest rates later this year.
The path appeared to clear Friday for Trump’s nominee to chair the
Fed, Kevin Warsh, after the U.S. Justice Department ended its probe
into the Fed’s current chair, Jerome Powell.
Sen. Thom Tillis, a North Carolina Republican, has said he would
oppose Warsh until the investigation was resolved, effectively
blocking his confirmation. Warsh is the choice of Trump, who has
been arguing loudly for lower interest rates, which could help
mortgages and other kinds of loans become less expensive.
The yield on the 10-year Treasury dipped to 4.30% from 4.34% late
Thursday.
A report in the morning also said sentiment among U.S. consumers
remains sour. A survey by the University of Michigan found weaker
sentiment in April across political party, income, age, and
education, though it improved a bit after the ceasefire in the war
with Iran was announced earlier in the month.
In stock markets abroad, indexes were mixed across Europe and Asia.
Japan’s Nikkei 225 rose 1%, and France’s CAC 40 fell 0.8% for two of
the world’s bigger moves.
___
AP Business Writers Chan Ho-him and Matt Ott contributed to this
report.
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