The US stock market is rising towards more records on Friday after Apple, Estee Lauder and other big companies became the latest to deliver fatter profits for the start of the year than analysts expected. Modest dips for oil prices also helped to steady the relatively few stock markets open worldwide on the May Day holiday.
The S&P 500 rose 0.6 per cent and added to its all-time high set the day before. The Dow Jones Industrial Average was up 226 points, or 0.5 per cent, as of 9.35am Eastern time, and the Nasdaq composite was adding 0.7 per cent to its own record.
Apple led the way and rose 3.3 per cent after the iPhone seller reported stronger profit and revenue for the latest quarter than analysts expected.
Estee Lauder climbed 4.2 per cent after reporting better earnings than expected, thanks in part to strength in China, and raised some of its financial forecasts. Colgate-Palmolive added 3.1 per cent after likewise delivering bigger results than expected, though CEO Noel Wallace said it expects “volatile macroeconomic conditions and slower category growth to continue in 2026”.
The main uncertainty for the global economy is where oil prices will go because of the Iran war. Their prices eased on Friday after spurting earlier in the week.
