Traders work on the floor of the New York Stock Exchange, Wednesday, in New York. AP-Yonhap
The S&P 500 and Dow hit intraday record highs on Wednesday on signs of progress for a peace deal with Iran, while the Nasdaq was on pace for its first decline in five sessions as SpaceX and AMD stumbled following their quarterly earnings. A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters, in one of the biggest concessions yet to Iran.
Stocks rallied to start the week, with the Dow and S&P 500 closing at records on Tuesday, as oil prices and U.S. Treasury yields dropped on hopes peace talks could lead to a deal, easing inflation pressures and lowering expectations for a rate hike from the Federal Reserve.
"It's just a straight rocket shot that we've gone up, we didn't even take a breath," said Kenny Polcari, chief market strategist at Slatestone Wealth in Jupiter, Florida.
"It's progress, but the market's just going, we're not going to give it to you this time until we actually see the progress, because how many times have we been jerked around over the last four months?"
