US Stocks Up on Oil Drop, SpaceX Debut 06/12 15:23

   U.S. stocks rose after oil prices fell again, and SpaceX soared in its 
highly anticipated debut on Wall Street. 

   NEW YORK (AP) -- U.S. stocks rose after oil prices fell again, and SpaceX 
soared in its highly anticipated debut on Wall Street. The S&P 500 rose 0.5% 
Friday. The Dow added 0.7%, and the Nasdaq composite gained 0.3%. Stocks got a 
lift from a 3.4% drop for Brent crude oil's price, as hopes remain for a 
potential U.S.-Iran deal to get oil flowing globally again. SpaceX soared 19.3% 
in its first day of trading, suggesting investors still have plenty of demand 
for AI-related stocks. Other AI stocks were mixed following their sharp swings 
over the last week.

   THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

   NEW YORK (AP) -- U.S. stocks are rising Friday after oil prices fell again, 
and SpaceX soared in its highly anticipated debut on Wall Street.

   The S&P 500 added 0.4% and was heading toward the finish of its third 
winning week in the last four. The Dow Jones Industrial Average was up 382 
points, or 0.8%, as of 2:30 p.m. Eastern time, and the Nasdaq composite was 
0.3% higher.

   Stocks got a lift from a 3.4% drop for the price of Brent crude oil to 
$87.29 per barrel, deepening its loss for the week. Oil prices have come down 
since President Donald Trump on Thursday called off his threat to launch 
strikes on Iran and said a potential deal with Iran may be imminent.

   A deal to end the war could reopen the Strait of Hormuz and allow oil 
tankers to once again deliver crude from the Persian Gulf to customers 
worldwide. Its near closure since the war began has sent the price of Brent up 
from roughly $70 per barrel and caused a wave of painful inflation for the 
world.

   Of course, financial markets have rallied in the past on hopes that an end 
to the war with Iran was near, only to get disappointed each time.

   The bigger factor for Wall Street over the last week has actually been 
artificial-intelligence stocks, and how they have gone from roaring to records 
to suddenly turning lower. The concern is whether such stocks shot too high, 
too fast because of AI mania, and their careening moves have sometimes reversed 
direction by the hour.

   SpaceX suggested plenty of demand still exists among investors for AI after 
its stock soared 24.3% in its first day of trading. That gave Elon Musk's 
rocket company a total value of $1.9 trillion, making it bigger than such 
behemoths as Broadcom, Tesla or Meta Platforms, the parent company of Facebook.

   AI-related stocks otherwise were mixed following their roller-coaster moves 
over the last week. Broadcom's drop of 1.3% was one of the heaviest weights on 
the S&P 500, but CoreWeave jumped 8.1% after learning it will join the Nasdaq 
100 index later this month.

   Elsewhere on Wall Street, Adobe dropped 7.5% despite reporting stronger 
profit and revenue for the latest quarter than analysts expected.

   Its stock has lost 42% so far this year, and it announced its chief 
financial officer is leaving the company on Monday. Adobe is already looking 
for a CEO to replace Shantanu Narayen, who announced in March that he is 
stepping aside after 18 years as Adobe's leader.

   In the bond market, Treasury yields rose to regain some of their sharp slide 
from the day before, when oil prices dropped following Trump's announcement. 
The yield on the 10-year Treasury climbed to 4.47% from 4.45% late Thursday.

   High yields can slow entire economies and undercut prices for all kinds of 
investments, including stocks and cryptocurrencies. They hit investments seen 
as the most expensive in particular, and some critics are calling the AI 
industry a bubble where investment inflated too far.

   Yields got a boost after a report suggested sentiment among U.S. consumers 
is not as bad as economists feared. The preliminary survey from the University 
of Michigan said sentiment improved by more than expected. U.S. consumers said 
they were feeling some relief after gasoline prices eased a bit early in the 
month.

   In stock markets abroad, indexes rallied as they caught up to Thursday's big 
gains on Wall Street.

   South Korea's Kospi jumped 4.6% and trimmed its losses from earlier this 
month taken because of sell-offs for AI-related stocks. The Kospi has nearly 
doubled since the start of the year.

   Tokyo's Nikkei 225 rose 2.8%, and France's CAC 40 climbed 1.8% for two of 
the world's bigger moves.