The S&P 500 extended its winning streak to five consecutive weeks, the longest run since 2024, climbing 14% over the past month as fresh records were set across major indexes. Tech stocks led the charge after investors welcomed Iran's proposal for ending the war, sending crude oil futures down 2%.

Apple surged 3.3% after reporting better-than-expected sales, while Intel jumped 21% this week, extending its year-to-date gain to an astonishing 170%. Qualcomm and Sandisk also posted double-digit weekly gains as the chip shortage continues to fuel rallies in semiconductor and memory stocks.

"Bears have largely capitulated," said Mark Hackett, chief markets strategist at Nationwide. The market's resilience despite geopolitical tensions and supply constraints underscores investor confidence in the tech sector's earnings power, with AI speculation further bolstering market sentiment.