Intel’s blowout quarter just sparked its best day since 1987

A surge for Intel following a blowout profit report led the U.S. stock market to more records Friday, while oil prices kept yo-yoing in the wait for what’s next with the Iran war.

The S&P 500 climbed 0.8% and topped its prior all-time high, which was set on Wednesday. The Dow Jones Industrial Average dipped 79 points, or 0.2%, and the Nasdaq composite rallied 1.6% to its own record thanks to the jump for tech.

Intel led the way and roared past its 2000 peak during the dot-com boom to an all-time high. It soared 23.6% for its best day since 1987 after reporting much stronger results for the first three months of the year than analysts expected. CEO Lip-Bu Tan said the next wave of artificial-intelligence technology is increasing the need for Intel’s chips and products, and the company’s forecast for profit in the spring topped analysts’ estimates.

Such strong profit reports have helped Wall Street rally to records, and the S&P 500 has leaped nearly 13% in a little under a month. Hopes have also built in financial markets that the United States and Iran can find a way to avoid a worst-case scenario for the global economy because of their........

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