The S&P 500 and Nasdaq kept their record rallies going. Here are 3 key takeaways

Another record week for stocks. Strong first-quarter earnings and a war-fueled rise in oil capped another historic week on Wall Street. Investors also made sense of a wealth of economic data and the Federal Reserve's latest interest rate decision. The S&P 500 and Nasdaq Composite have gained 0.9% and 1.1%, respectively, over the past five sessions. Both indices closed at records three times (Monday, Thursday and Friday). Thursday also marked the end of April trading, which was the S&P 500 and Nasdaq's best month since 2020. This was the fifth consecutive week of gains for both indexes. The blue-chip Dow was up 0.55% for the week, but all of those gains occurred on Thursday; It completed the other four days in red. It's unclear whether stocks can sustain this meteoric rise until next week, when companies reporting earnings are more diversified and face the risk of disappointing. Until then, here are three takeaways from the last five trading sessions. Oil did not cause investors to lose their stocks. Oil prices started to rise as Wall Street watched the latest developments in the Middle East. There was a mostly adversarial relationship between the two during the first few weeks of the war. However, concerns about the closure of the Strait of Hormuz and supply disruptions are not driving investors away from stocks as they did in March. Look at Monday's trading. International benchmark Brent and US oil standard West Texas Intermediate jumped after President Donald Trump canceled plans for ceasefire talks with Iran over the weekend. The S&P 500 and Nasdaq still managed to close at record highs on Monday. Thursday is another example. Brent oil reached its highest level in four years after media reports that the US military will brief the president on possible action against Iran. On the same day, both indices reached their second record close of the week. What really fascinated Wall Street was corporate earnings. Although many Club names were reported last week, it was the name that stood out on Wednesday. Meta Platforms, Microsoft, Alphabet and Amazon announced results the same night. Strong earnings, mixed reactions Each company reported improvement at the top and bottom lines, but stock reactions told a different story. Microsoft's quarter failed to assuage concerns about the viability of its seat-based business model for its Office suite. The stock fell nearly 4% on Thursday after the results. This is not surprising because Microsoft is caught up in the "selling software" trade, which also carries the weight of the Salesforce Club. Jim Cramer called the quarter "not enjoyable," saying there was no need to buy the decline in Microsoft. We'll stay for now because it wasn't that bad. Microsoft's forecast for Azure growth looked strong. Microsoft gained 1.6% on Friday, clawing back some of Thursday's losses. Amazon shares gained a modest 0.8% on Thursday. This belies the power of its results. The company is firing on all cylinders. The e-commerce and cloud computing giant has achieved the highest operating margins across all segments to date. Amazon Web Services experienced its fastest growth rate in the last 15 quarters. We raised our price target to $300 from $250 and maintained our buy-equivalent 1 point on the stock, which rose 1.2% to a new record close on Friday. The commodity lost 8.55 percent on Thursday after the Instagram parent company raised its capital spending outlook by $10 billion at the midpoint. The stock also lost 0.5% on Friday. The market doesn't like the extra spending because Meta has already poured billions of dollars into productive AI, and investors question whether the company has demonstrated enough to justify it. Unlike Microsoft, Amazon, and Alphabet, Meta does not have a public cloud offering. However, Jim said the post-earnings decline isn't reason enough to exit the stock. He still has faith in CEO Mark Zuckerberg. Moreover, Meta posted its best revenue growth in five years and its advertising business is killing it. Alphabet did what Meta couldn't. Google's parent company has proven just how well its massive productive AI investments are paying off, sending shares soaring nearly 10% after earnings. It rose another 0.2% on Friday. Google Cloud revenue increased 63% and the segment's operating income tripled. Jim said Thursday it was an "extraordinary call." We increased our price target from $350 to $400 and reiterated our 1 point. Among four tech reports released Wednesday, Jim ranked Alphabet as the top performing company, followed by Amazon and Microsoft. Meta was last. Big Tech's earnings week came to a close at Apple on Thursday night. The iPhone maker delivered an impressive set of results that sent shares up more than 3% on Friday. The stock is about $6 away from its all-time high of $286.19, set on Dec. 2. A solid economy Last week we were treated to the Fed's latest policy decision, a wealth of data, and encouraging comments from two companies that track consumer spending closely: Visa and Mastercard. These painted a fairly resilient picture of the US economy, despite all the uncertainty resulting from the war. The central bank announced Wednesday that interest rates will remain unchanged. This was largely expected. The statements made by Fed Chairman Jerome Powell at the press conference afterwards gave us hope. “Growth across our economy has been really robust,” Powell said. “Part of that is that consumer spending is in pretty good shape.” Visa's quarter reaffirmed Powell's view on the consumer. Wall Street often looks at earnings from the financial services and banking industry as a barometer for consumer health. And it was a really great quarter. The payment processing company beat earnings and revenue estimates; CFO Christopher Suh said U.S. payment volume reflects "elasticity in consumer spending." A day later, Mastercard CEO Michael Miebach took a similar stance. "Looking at the macro picture, the economic fundamentals remain supportive of generally healthy consumer and business spending," he said in the earnings release. Meanwhile, Thursday's employment figures pointed to a stable labor market. Initial claims for unemployment insurance fell to their lowest level since 1969. Also Thursday, the Commerce Department said gross domestic product rose 2% on a seasonally adjusted annual basis in the first quarter. While this is below expectations for growth of 2.2%, it is still above 0.5% in the final three months of 2025. (See here for a complete list of stocks in Jim Cramer's Charitable Trust.) When you subscribe to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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