Summary
Wall Street reached new record highs on Wednesday as investors grew hopeful the US-Israel conflict with Iran will end soon. The S&P 500 passed 7,000 points for the first time, helped by strong earnings from major banks and peace talks progress.
Key Facts
- The S&P 500 index closed at 7,022.95, its highest ever, after rising 0.8%.
- The Nasdaq rose 1.6% to a record 24,016.02, while the Dow Jones stayed mostly flat.
- The S&P 500 has recovered from early losses caused by the US-Iran conflict.
- President Trump said the war is "very close to over" and that the US has beaten Iran militarily.
- The White House denied requesting a ceasefire extension but said talks are ongoing and productive.
- Bank of America and Morgan Stanley reported better-than-expected earnings, signaling economic strength.
- The US plans to block the Strait of Hormuz, a key route for global oil, using 15 warships and thousands of troops.
- Oil prices fell 10% after the ceasefire announcement but remain about 35% higher than before the conflict.
