Week of Strong Earnings Pushes Nasdaq to Another Record

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Katherine Sullivan· Host0:06

[gentle music] Here's your closing bell brief for Friday, May 1st. I'm Katherine Sullivan for The Wall Street Journal. US stocks kicked off May on an optimistic note today. The Nasdaq rose nearly point nine percent and the S&P five hundred rose about point three percent. Both hit new records. Tech shares drove the gains following several strong earnings reports. Lower oil prices also helped boost the mood for investors. The Dow, however, slipped point three percent. Among individual companies, Apple shares rose over three percent today. Yesterday, the company reported stronger than expected sales as iPhone revenue soared. Reddit shares surged thirteen percent. The social media company saw first quarter sales and profits rise from double-digit growth in ad revenue. Roblox shares slid more than eighteen percent. The video game maker cut its full year guidance due to higher safety costs. Clorox shares dropped nearly ten percent. The business lowered its earnings guidance because of high acquisition costs. And Occidental Petroleum shares fell three percent. Investors reacted to the news that chief executive Vicki Hollub will retire from the oil and gas company next month. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting, and then reviewed and adapted