Apple leads Wall Street to more records as oil prices pull back
The S&P 500 rose to a new record high as Apple and other companies reported stronger-than-expected quarterly profits, while easing oil prices also supported the market. The index is on track to deliver around 15% growth in profit from a year earlier.
The US stock market reached new records on Friday after companies like Apple and Estee Lauder reported higher-than-expected profits for the first quarter. The S&P 500 climbed 0.3% to its latest all-time high, marking a fifth straight winning week. Apple's 3.3% rally was the strongest force behind the S&P 500's gain. Over 84% of S&P 500 companies that have reported so far have exceeded analysts' estimates. Oil prices fell 2% to $108.17 per barrel, easing concerns about the global economy. The S&P 500 rose 21.11 points to 7,230.12, while the Nasdaq composite climbed 222.13 to 25,114.44.
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