Intel's stock soared 23% Friday after the chipmaker reported quarterly earnings that beat Wall Street expectations, putting it on track for a record closing price. The company's revenues climbed on the back of growing demand tied to artificial intelligence, with CEO Lip Bu Tan marking his first anniversary leading the firm.
The gains drove broader market strength. The Nasdaq and S&P 500 both rose, with the S&P reaching fresh intraday highs as the tech sector rallied. AMD shares also climbed 12%. The Dow fell roughly 150 points, bucking the trend.
Markets also got a boost from news that the Justice Department has dropped its investigation into the Federal Reserve and Fed chair Jerome Powell. The probe, overseen by interim U.S. Attorney Jeanine Pirro, had focused on Fed building renovations. NBC News reported the closure of the inquiry, and a CNN report confirmed Pirro dropped the criminal probe. Senator Thom Tillis, who had publicly opposed the investigation, was credited by some observers with helping bring it to an end. The closure removed a source of uncertainty that had weighed on investor sentiment about the Fed's independence, though analysts noted the broader question of political pressure on the central bank remains unresolved.
