U.S. stocks gain ground as oil prices fall

Stocks rose in afternoon trading on Wall Street Friday, adding to the all-time highs they set a day earlier.

The S&P 500 rose 0.2% Friday. The index is coming off six gains in a row and is headed for a ninth straight winning week, which would be the longest such streak since 2023.

The Dow Jones Industrial Average rose 382 points, or 0.8%, as of 12:01 p.m. Eastern. The Nasdaq composite rose 0.2%. Every major index is on track for records and to close out May with solid gains.

Wall Street has been gaining ground against worries that the war with Iran is worsening inflation and jeopardizing economic growth.

The U.S. and Iran are reportedly working toward a deal to extend a ceasefire, which eased pressure on oil prices. Brent crude, the international standard, fell 1.8% to $92 a barrel. It is still well above the $70 per barrel level in late February before the war began. Benchmark U.S. crude fell 1.5% to $87.59 per barrel.

High oil prices remain a key concern for Wall Street. The war has stifled the flow of oil shipments through the Strait of Hormuz, which has pushed gasoline prices, and prices for a wide range of goods, higher, feeding inflation and squeezing consumers and businesses. Prices were already rising before the war began from the ongoing impact of tariffs.