Wall Street's winning week ends with more records for US stocks

NEW YORK (AP) — U.S. stocks capped another strong week with more records on Friday.

The S&P 500 rose 0.4% to set an all-time high, the fifth time it did so this week. The Dow Jones Industrial Average climbed 208 points, or 0.5%, and the Nasdaq composite added 0.2% to its own record set the day before.

Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%.

Edwards Lifesciences rose 5.5% after likewise topping Wall Street’s expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier.

They helped offset a drop of 8.5% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.

All told, the S&P 500 rose 25.29 points to 6,388.64. The Dow Jones Industrial Average climbed 208.01 to 44,901.92, and the Nasdaq composite added 50.36 to 21,108.32.

The pressure is on companies to deliver solid growth in profits in order to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1.

Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments.

Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump’s tariffs affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel.

Lower rates also may not lower the U.S. government’s costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and make it more expensive for Washington to borrow money over the long term.

The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.

In the bond market, Treasury yields held relatively steady following Trump’s latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed’s chair.

“To do that is a big move, and I don’t think that’s necessary,” Trump said. “I just want to see one thing happen, very simple: Interest rates come down.”

If Trump fired Powell, he’d risk a freak-out in financial markets by raising the possibility of a less independent Fed, one unable to make unpopular choices necessary to keep the economy healthy.

The yield on the 10-year Treasury eased to 4.38% from 4.43% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, held steady at 3.91%, where it was late Thursday.

In stock markets abroad, indexes slipped across much of Europe and Asia.

Stocks fell 1.1% in Hong Kong and 0.3% in Shanghai. U.S. Treasury Secretary Scott Bessent has said he will meet with Chinese officials in Sweden next week to work toward a trade deal with Beijing ahead of an Aug. 12 deadline. Trump has said a China trip “is not too distant” as trade tensions ease.

AP Writers Teresa Cerojano and Matt Ott contributed.

Traders Drew Cohen, foreground, and Dylan Halvorsan work on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew)

Trader Steven Gohl works on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew)

Specialist Alex Weitzman works at his post on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew)

People speak in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person rides a bicycle past an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

DUBAI, United Arab Emirates (AP) — Iranians could call abroad on mobile phones Tuesday for the first time since communications were halted during a crackdown on nationwide protests in which activists said at least 646 people have been killed.

Several people in Tehran were able to call The Associated Press and speak to a journalist there. The AP bureau in Dubai, United Arab Emirates, was unable to call those numbers back. The witnesses said SMS text messaging still was down and that internet users in Iran could connect to government-approved websites locally but nothing abroad.

The witnesses gave a brief glimpse into life on the streets of the Iranian capital over the four and a half days of being cut off from the world. They described seeing a heavy security presence in central Tehran.

Anti-riot police officers, wearing helmets and body armor, carried batons, shields, shotguns and tear gas launchers. They stood watch at major intersections. Nearby, the witnesses saw members of the Revolutionary Guard's all-volunteer Basij force, who similarly carried firearms and batons. Security officials in plainclothes were visible in public spaces as well.

Several banks and government offices were burned during the unrest, they said. ATMs had been smashed and banks struggled to complete transactions without the internet, the witnesses added.

However, shops were open, though there was little foot traffic in the capital. Tehran's Grand Bazaar, where the demonstrations began Dec. 28, was to open Tuesday. However, a witness described speaking to multiple shopkeepers who said the security forces ordered them to reopen no matter what. Iranian state media had not acknowledged that order.

The witnesses spoke on condition of anonymity for fear of reprisal.

U.S. President Donald Trump has said Iran wants to negotiate with Washington after his threat to strike the Islamic Republic over its crackdown.

Iranian Foreign Minister Abbas Araghchi, speaking to the Qatar-funded satellite news network Al Jazeera in an interview aired Monday night, said he continued to communicate with U.S. envoy Steve Witkoff.

The communication “continued before and after the protests and are still ongoing," Araghchi said. However, “Washington’s proposed ideas and threats against our country are incompatible.”

White House press secretary Karoline Leavitt said Iran’s public rhetoric diverges from the private messaging the administration has received from Tehran in recent days.

“I think the president has an interest in exploring those messages,” Leavitt said. “However, with that said, the president has shown he’s unafraid to use military options if and when he deems necessary, and nobody knows that better than Iran.”

Meanwhile, pro-government demonstrators flooded the streets Monday in support of the theocracy, a show of force after days of protests directly challenging the rule of 86-year-old Supreme Leader Ayatollah Ali Khamenei. Iranian state television aired chants from the crowd, which appeared to number in the tens of thousands, who shouted “Death to America!” and “Death to Israel!”

Others cried out, “Death to the enemies of God!” Iran’s attorney general has warned that anyone taking part in protests will be considered an “enemy of God,” a death-penalty charge.

Trump announced Monday that countries doing business with Iran will face 25% tariffs from the United States. Trump announced the tariffs in a social media posting, saying they would be “effective immediately.”

It was action against Iran for the protest crackdown from Trump, who believes exacting tariffs can be a useful tool in prodding friends and foes on the global stage to bend to his will.

Brazil, China, Russia, Turkey and the United Arab Emirates are among economies that do business with Tehran.

Trump said Sunday that his administration was in talks to set up a meeting with Tehran, but cautioned that he may have to act first as reports of the death toll in Iran mount and the government continues to arrest protesters.

“I think they’re tired of being beat up by the United States,” Trump said. “Iran wants to negotiate.”

Iran, through the country’s parliamentary speaker, warned Sunday that the U.S. military and Israel would be “legitimate targets” if Washington uses force to protect demonstrators.

More than 10,700 people also have been detained over the two weeks of protests, said the U.S.-based Human Rights Activists News Agency, which has been accurate in previous unrest in recent years and gave the latest death toll early Tuesday. It relies on supporters in Iran crosschecking information. It said 512 of the dead were protesters and 134 were security force members.

With the internet down in Iran, gauging the demonstrations from abroad has grown more difficult. The Associated Press has been unable to independently assess the toll. Iran’s government hasn’t offered overall casualty figures.

A picture of Ayatollah Ali Khamenei is set alight by protesters outside the Iranian Embassy in London, Monday, Jan. 12, 2026. (AP Photo/Alastair Grant)

In this frame grab from footage circulating on social media shows protesters dancing and cheering around a bonfire as they take to the streets despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world, in Tehran, Iran, Friday, Jan. 9, 2026.(UGC via AP)

In this frame grab from footage circulating on social media from Iran showed protesters once again taking to the streets of Tehran despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Saturday Jan. 10, 2026. (UGC via AP)

FILE - Protesters march on a bridge in Tehran, Iran, on Dec. 29, 2025. (Fars News Agency via AP, File)