Wall Street hits a record as S&P 500 continues its 2-week rally on hopes for an end to the Iran war
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The US stock market hit a record high as the S&P 500 continued its two-week rally, driven by hopes for a ceasefire in the Iran conflict and a resumption of oil flows. The index rose 0.8% and eclipsed its prior all-time high set in January.
The US stock market reached a record high on Wednesday, continuing a two-week rally fueled by hopes for a ceasefire in the Iran conflict. The S&P 500 rose 0.8% and surpassed its previous all-time high set in January. The rally is largely attributed to expectations of calming tensions in the war and a resumption of oil flows from the Persian Gulf. Regional officials reported an 'in principle agreement' between the US and Iran to extend the ceasefire. Oil prices remained cautious, with Brent crude settling at $94.93 after a 0.1% gain. Major US banks, including Bank of America and Morgan Stanley, reported better-than-expected quarterly results, contributing to the market's gains. The Dow Jones Industrial Average dipped 0.1%, while the Nasdaq composite gained 1.6%. Analysts see continued growth ahead, driven by corporate profits.
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