Wall Street flirts with a record after adding to its weekslong rally
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US stocks are nearing a record high as hopes rise that the global economy can avoid a worst-case scenario due to the US-Iran war. The S&P 500 rose 0.4% and is on track to eclipse its all-time high set in January.
US stocks are nearing a record high as investors bet on a potential ceasefire between the US and Iran. The S&P 500 rose 0.4% on Wednesday, driven by expectations of calming tensions and a resumption of oil flows through the Strait of Hormuz. The index has rallied around 10% since late March, recovering from a correction. Oil prices remain volatile, with Brent crude at $95.64. Bank of America and Morgan Stanley reported better-than-expected quarterly results, boosting their stock prices. Analysts see continued growth ahead, and some investors are shifting into technology stocks, which look cheaper than earlier this year.
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