Stocks

Wall Street Review: Stock Rally Broadens as S&P 500, Nasdaq Hit New Record Highs

Robust tech earnings and strong job gains lifted markets.
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Wall Street Review: Stock Rally Broadens as S&P 500, Nasdaq Hit New Record Highs
A trader works on the floor of the New York Stock Exchange on May 6, 2026. Spencer Platt/Getty Images
Panos Mourdoukoutas
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Wall Street’s multi-week rally turned into an “everything rally” this week amid lower oil prices, steady bond yields, robust earnings, and corporate deals that boosted demand for riskier assets.

For the week, the Dow Jones Industrial Average gained 0.22 percent to close at 49,609, below its May 6 peak. The S&P 500 surged by 2.33 percent to close at 7,398, another record high. The Nasdaq Composite led gains for a fifth straight week, soaring by 4.51 percent to an all-time high, while the Russell 2000 rose by a modest 1.72 percent.

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Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”