The stock market closed at record highs on Friday, with all three major indices posting gains. The S&P 500 rose 16.43 points (+0.22%), the Nasdaq Composite added 55.15 points (+0.20%), and the Dow Jones gained 363.49 points (+0.72%). The rally was broad-based, with tech stocks leading the way, as the Nasdaq gained 8% in May. The Dow also cleared the 51,000 mark, a significant milestone for the index. The positive sentiment was driven by a mix of factors, including a potential US-Iran update and strong corporate earnings reports, particularly from tech companies. However, there were also concerns about a potential stock market bubble, with indicators flashing red and a rare warning signal observed.

The market's performance was mixed, with some sectors and individual stocks underperforming. Oil prices headed for their biggest monthly drop since 2020, which could have a negative impact on energy-related stocks. Additionally, some companies saw their shares tumble on deal news, indicating that the market was not entirely risk-on. Despite the overall positive tone, there were signs of caution, with investors looking ahead to potential developments in the US-Iran situation and the broader economic environment. The market's performance also highlighted the continued strength of tech stocks, with Dell leading the way in tech gains. Overall, the market's performance was a testament to the resilience of the economy and the strength of the tech sector, but also a reminder of the risks and uncertainties that investors face.