U.S. stock markets closed higher on Friday as a sharp rally in Intel shares helped major indexes reach new record levels, while investors continued monitoring developments surrounding the conflict involving Iran.

The S&P 500 advanced 0.8% to another all-time high, while the tech-focused Nasdaq Composite surged 1.6%, also setting a new record. The Dow Jones Industrial Average finished slightly lower despite gains in several major sectors.

Shares of Intel jumped more than 23% after the semiconductor giant released quarterly earnings that significantly exceeded analyst expectations. The company also issued an optimistic outlook, citing rising demand tied to artificial intelligence technologies and expanding need for advanced computing infrastructure.

The strong earnings report added momentum to a broader market rally that has pushed the S&P 500 sharply higher over the past month. Investors have increasingly focused on resilient corporate profits even as geopolitical tensions and higher energy prices continue creating uncertainty for the global economy.

Oil markets remained volatile throughout the session as traders reacted to developments involving ceasefire negotiations between the United States and Iran. Concerns about shipping disruptions through the Strait of Hormuz continued to influence crude prices, although reports of renewed diplomatic discussions helped calm some market fears.

Brent crude prices fluctuated during the trading day before ending relatively unchanged overall.

Elsewhere on Wall Street, Procter & Gamble shares moved higher after the company reported stronger-than-expected earnings and broad consumer demand across multiple product categories. Meanwhile, Charter Communications declined sharply after posting weaker quarterly results and reporting a larger-than-expected decline in internet subscribers.

In the bond market, U.S. Treasury yields edged lower as investors increased expectations that the Federal Reserve could lower interest rates later this year. Markets also reacted to political developments surrounding potential leadership changes at the central bank.

Outside the United States, stock market performance was mixed across Europe and Asia, with Japan’s Nikkei 225 posting gains while several European indexes closed lower.