S&P 500, Nasdaq edge up to new records with Middle East hopes in focus
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The S&P 500 and Nasdaq hit record highs on April 16 due to optimism over a potential Middle East ceasefire. US unemployment claims fell, indicating a stable labor market, but war concerns remain a key market driver.
The S&P 500 and Nasdaq rose to record closing highs on April 16, driven by optimism over a potential Middle East ceasefire. US President Donald Trump announced a 10-day Israel-Lebanon ceasefire deal, lifting market sentiment. New US unemployment claims fell more than expected, suggesting a stable labor market. The Dow Jones Industrial Average rose 115 points to 48,578.72, while the S&P 500 gained 18.33 points to 7,041.28, and the Nasdaq Composite gained 86.69 points to 24,102.70. Corporate earnings also influenced the market, with PepsiCo rising 2.3% after beating quarterly profit estimates, while Abbott and Charles Schwab declined post-results. The market rally has room to run, according to some strategists, but needs to start trading on its own fundamentals.
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