Wall Street Review: Stock Rally Broadens as S&P 500, Nasdaq Hit New Record Highs

A trader works on the floor of the New York Stock Exchange on May 6, 2026. Spencer Platt/Getty ImagesWall Street’s multi-week rally turned into an “everything rally” this week amid lower oil prices, steady bond yields, robust earnings, and corporate deals that boosted demand for riskier assets.For the week, the Dow Jones Industrial Average gained 0.22 percent to close at 49,609, below its May 6 peak. The S&P 500 surged by 2.33 percent to close at 7,398, another record high. The Nasdaq Composite led gains for a fifth straight week, soaring by 4.51 percent to an all-time high, while the Russell 2000 rose by a modest 1.72 percent.