A powerful rally in Intel—marking its biggest single-day gain since 1987 after a standout earnings report—helped push U.S. stocks to fresh records on Friday, even as oil prices fluctuated amid ongoing uncertainty surrounding tensions with Iran.

The S&P 500 rose 0.8% to surpass its previous record set earlier in the week. Meanwhile, the Dow Jones Industrial Average slipped 0.2%, and the Nasdaq Composite surged 1.6%, lifted by strong gains in the tech sector.

Oil markets were volatile throughout the day. Brent crude for June delivery edged up slightly to $105.33 per barrel, while the more actively traded July contract dipped to $99.13.

Among other companies, Procter & Gamble climbed 2.5% after posting better-than-expected profits, with CEO Shailesh Jejurikar citing growth across products like Bounty and Tide. In contrast, Charter Communications tumbled 25.5% following disappointing earnings and a larger-than-expected loss of internet subscribers. The Hartford also fell 3.7% after missing profit forecasts.

Overall, the S&P 500 gained 56.68 points to close at 7,165.08. The Dow dropped 79.61 points to 49,230.71, while the Nasdaq jumped 398.09 points to 24,836.60.

In the bond market, Treasury yields declined as investors increased expectations that the Federal Reserve may resume interest rate cuts later this year. The yield on the 10-year Treasury slipped to 4.30%.

Political developments also played a role. Momentum grew for Kevin Warsh, former President Donald Trump’s nominee to lead the Fed, after the Justice Department ended its investigation into current chair Jerome Powell. Earlier opposition from Senator Thom Tillis had stalled the nomination.

Consumer sentiment remained weak, according to a survey by the University of Michigan, though it showed slight improvement following a temporary ceasefire in the Iran conflict.

Globally, markets were mixed. Japan’s Nikkei 225 rose 1%, while France’s CAC 40 fell 0.8%.

Intel stood out, soaring 23.6% and surpassing its previous peak from the dot-com era. CEO Lip-Bu Tan credited rising demand driven by artificial intelligence for the company’s strong outlook.

The broader market has been buoyed by strong corporate earnings and optimism that the U.S. and Iran may avoid a worst-case economic fallout. While a fragile ceasefire remains in place, tensions continue to disrupt oil shipments through the Strait of Hormuz. Encouragingly, Iran’s foreign minister signaled plans to travel to Pakistan for further ceasefire discussions.