US stocks rise to records after a solid jobs report overshadows higher oil prices

NEW YORK (AP) — The U.S. stock market rose to records Friday following the latest sign that the nation’s job market is doing better than economists expected.

The S&P 500 climbed 0.8% to an all-time high after a report said U.S. employers added 115,000 more jobs than they cut last month, even though the war with Iran is raising fuel costs and uncertainty for everyone. The Dow Jones Industrial Average edged up by 12 points, or less than 0.1%, and the Nasdaq composite rallied 1.7% to its own record.

While hiring slowed from March’s level, it was still nearly double what economists expected. And it helped the S&P 500 close out a sixth straight winning week, its longest such streak since 2024. The U.S. stock market has been blasting higher since late March, in part on hopes that the war will not mean a worst-case scenario for the global economy and that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf again.

It’s still to be determined if those hopes are warranted or just wishful. U.S. forces fired on and disabled two Iranian oil tankers on Friday after exchanging fire with Iranian forces in the Strait of Hormuz overnight. It’s the latest flare-up in fighting to raise doubts about the tenuous month-old ceasefire that the United States has insisted is still in effect.

The price for a barrel of Brent crude oil rose 1.2% to settle at $101.29 following the latest volleys of fire. That’s below its heights above $119 during the war, but it’s still much more expensive than its roughly $70 level from late February before the fighting began.

One big factor helping to support the U.S. stock market despite the war’s uncertainties is the strong profits that companies have been reporting for the start of 2026.

Monster Beverage jumped 13.6% after the energy drink maker joined the parade of companies topping analysts’ expectations for profit and revenue for the latest quarter. It benefited from strong growth outside the United States, and total net sales from there made up about 45% of its total, the highest percentage ever for the company.

Akamai Technologies leaped even more, 26.6%, after its results squeaked past expectations. It announced a $1.8 billion deal to provide cloud infrastructure services to an unnamed client over seven years. The cybersecurity and cloud computing company is benefiting from the surge in investment in artificial-intelligence technology.

Voracious demand for AI helped CoreWeave report revenue for the latest quarter that was more than double what it was a year earlier, but its net loss was worse than analysts expected. It also gave a forecasted range for revenue in the current quarter whose midpoint fell below analysts’ expectations. The stock of the company, which offers AI computing power to customers over the cloud, fell 11.4%.

All told, the S&P 500 rose 61.82 points to 7,398.93. The Dow Jones Industrial Average added 12.19 to 49,609.16, and the Nasdaq composite climbed 440.88 to 26,247.08.

In stock markets abroad, indexes fell across much of Europe and Asia. Germany’s DAX lost 1.3%, and Hong Kong’s Hang Seng dropped 0.9% for two of the bigger losses.

South Korea’s Kospi was an exception, and it inched up 0.1% to another all-time high.

In the bond market, Treasury yields eased and remained lower after a preliminary report suggested sentiment among U.S. consumers is stuck near its lowest level since 2022. Consumers told the survey from the University of Michigan they’re concerned about both high gasoline prices and tariffs, though their expectations for inflation in the coming year softened by a bit.

The yield on the 10-year Treasury fell to 4.36% from 4.41% late Thursday and from 4.45% early this week.

Lower yields can bring down rates for mortgages and other kinds of loans going to U.S. households and businesses, which in turn can give the economy a boost. Lower yields also tend to push upward on prices for stocks and other kinds of investments.

The 10-year Treasury yield, though, remains well above its 3.97% level from just before the war.

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.

Options trader Justin Kanda works on the floor of the New York Stock Exchange, Thursday, May 7, 2026. (AP Photo/Richard Drew)

A dealer walks past near the screen showing the Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)

The screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won are displayed at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)

A dealer walks past near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)

A dealer walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)

TEL AVIV, Israel (AP) — Israel’s Cabinet unanimously approved a proposal on Sunday to designate violence against Armenians by the Ottoman Empire during World War I as a genocide.

The step, which still needs approval in Parliament, reflects deteriorating ties between Israel and Turkey. Turkey has fiercely lobbied to prevent countries from officially recognizing the mass deaths of Armenians around 1915 as a genocide, even as Armenians have pushed for it.

Historians estimate that up to 1.5 million Armenians were killed by Ottoman Turks around the time of World War I, an event widely viewed by scholars as the first genocide of the 20th century. Turkey denies that the deaths constituted genocide, saying the toll has been inflated and that those killed were victims of civil war and unrest.

For years, Israel never officially broached the subject for fear of angering Turkey, but that relationship has soured over the past two decades, especially as the most recent wars in Gaza, Lebanon and Iran have dragged on.

“Despite the extensive and unambiguous historical documentation, the Armenian Genocide remains to this day the subject of an institutionalized campaign of denial and minimization, including a manipulative rewriting of history, mainly by the Turkish government,” said Israeli Foreign Minister Gideon Saar, who brought the decision to the government.

He noted that Israeli leaders, including Prime Minister Benjamin Netanyahu, have previously described the violence against Armenians as a genocide. But it has never been formally recognized in a vote by Israel’s Knesset.

“It is never too late to do the right thing,” Saar said Sunday, calling it a “moral and historical duty.”

He noted that 32 countries, including the United States, Syria and Lebanon, have also classified the violence as a genocide. It was not immediately known when Sunday's decision, approved unanimously by Israel's Cabinet, would go to the parliament for approval.

Turkey called Israel’s move a “politically motivated” step meant to distract from the country’s own actions against Palestinians.

“The Israeli government, which systematically persecutes the Palestinian people in full view of the world and is being tried at the International Court of Justice for genocide against the people of Gaza, aims to cover up its own crimes,” the Turkish Foreign Ministry said in a statement.

“This malicious attempt, which disregards legal and historical facts, reveals the predicament of Netanyahu and his accomplices, who have arrest warrants against them in connection with the investigation into crimes committed against Palestinians at the International Criminal Court,” the statement added.

Israel and Turkey were once close allies, but relations soured during the rise of Turkey’s Islamist President Recep Tayyip Erdogan, leading Israel to reconsider its position.

Israel has faced repeated accusations, including from the United Nations and Turkey, that its offensive in Gaza amounts to genocide. Israel, founded in the wake of the Holocaust, denies the accusations.

Israel launched the war in response to Hamas' Oct. 7, 2023, attack. Gaza's Health Ministry, part of the Hamas government, says over 73,000 people have been killed, roughly half of them women and children. Israel says it does not target civilians and accuses Hamas of using civilians as human shields.

Last week, a team of independent experts commissioned by the United Nations accused Israel of deliberately shooting children in Gaza and repeated accusations that Israel has carried out a genocide. Israel called the report a “libelous sham.”

FILE - Armenians hold their national flag during a ceremony to commemorate the mass killings of Armenians by the Ottoman Empire, in Jerusalem, Israel, Friday, April 24, 2015. (AP Photo/Oded Balilty, File)