Dow Jones hits record high for second straight day; Arm Holdings surges 47% for the week

[Financial News]  
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The NYSE extended its gains on the 22nd (local time).
The rally continued as investors judged that negotiations to end the war in Iran were making progress.
In particular, the DJIA, which had recently lagged behind the record-setting rally, broke its all-time high for a second consecutive day, following the previous session.
The launch of Kevin Warsh's Federal Reserve (Fed) leadership also helped fuel the market's advance, as yields on U.S. 10-year Treasury notes and U.S. 30-year Treasury bonds fell.
Semiconductor stocks were mixed on the day, but Arm Holdings, a British semiconductor design intellectual property company, kept rising and jumped 47% over the week.
\r\nMeanwhile, the NYSE closed for a three-day holiday after trading ended that day. The market will not open on the 25th for Memorial Day.
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The Dow rose 294.04 points, or 0.58%, from the previous session to 50,579.70.
The S&P 500 gained 27.75 points, or 0.37%, to 7,473.47, while the Nasdaq closed up 50.87 points, or 0.19%, at 26,343.97.
All three major indexes also advanced on a weekly basis.
The DJIA, which set record highs for two straight days, surged 2.13% for the week. The S&P 500 rose 0.88%, and the Nasdaq gained 0.45%.
The CBOE Volatility Index (VIX), known as Wall Street's fear gauge, fell 0.06 points, or 0.36%, to 16.70.
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NVIDIA fell for a second straight day, following its decline on the 21st. It closed down $4.18, or 1.90%, at $215.33.
Alphabet Inc. fell $4.69, or 1.21%, to $382.97, while Microsoft slipped $0.52, or 0.12%, to $418.57.
By contrast, Apple Inc. rose $3.83, or 1.26%, to $308.82, and Tesla gained $8.16, or 1.95%, to close at $426.01.
Palantir Technologies fell $0.53, or 0.39%, to $136.88.
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Semiconductors also showed a mixed trend.
Intel rose $1.34, or 1.13%, to $119.84, and Advanced Micro Devices, Inc. (AMD) jumped $17.92, or 3.99%, to $467.51.
Meanwhile, Micron fell $11.10, or 1.46%, to $751.00, and Broadcom Inc. ended the session down $0.43, or 0.10%, at $414.14.
The iShares Semiconductor ETF (SOXX) closed up $12.62, or 2.41%, at $537.33.
Among semiconductor names, Arm Holdings has stood out recently. The stock ended the day up $8.28, or 2.78%, at $306.51.
Arm shares surged 46.5% over the past week.
The stock, which had barely reacted to stronger-than-expected quarterly results and an upbeat outlook on the 6th, turned sharply higher on the 18th as market sentiment shifted.
A series of bullish calls, including target price hikes from Bernstein, Barclays PLC and Macquarie Group Limited, sent the stock soaring over the week.
dympna@fnnews.com Song Kyung-jae Reporter