The S&P breached 7,000 points for the first time in history, in a rally that erased stark losses incurred at start of war
Wall Street scaled a fresh all-time high on Wednesday amid growing optimism among investors that the US-Israel war on Iran will soon be over.
The benchmark S&P 500 breached 7,000 points for the first time in history, after climbing 0.8% over the course of the day, finishing at 7,022.95. The tech-heavy Nasdaq also rose 1.6% to 24,016.02, its own record high, while the Dow Jones industrial average remained broadly flat.
The S&P has led a bullish recovery rally across the three main US indices, erasing the stark losses it endured during the early days of the conflict. It has risen significantly since the US and Iran announced a two-week ceasefire deal last week.
In an interview on Wednesday, Donald Trump claimed that the war was “very close to over”, spreading hope among traders that the conflict, and the volatility it brought to oil markets, will be concluded soon.
