Stocks Hit Record on Jobs Data as Chipmakers Surge: Markets Wrap

Signs of labor-market strength drove stocks toward record highs, bolstering speculation that the world’s largest economy remains resilient in the face of an energy shock triggered by the Iran war.

Bets that solid growth will keep powering earnings put the S&P 500 on pace for a sixth straight week of gains. A revival of the artificial-intelligence trade has fueled a 10% jump in a gauge of semiconductors since last Friday. Intel Corp. surged on a Wall Street Journal report of a preliminary deal with Apple Inc. to build chips. Oil headed for a weekly drop as the US expects Iran to respond to President Donald Trump’s plan to end the war imminently.