S&P & Nasdaq Both Hit Records on Ceasefire Hopes | Closing Bell

Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

Stocks extended their streak of gains, pushing both the S&P 500 and Nasdaq 100 indexes to record highs, as investors piled into equities on optimism over the ceasefire between the US and Iran and robust corporate earnings.

The S&P 500 climbed 0.8% to close above 7,000 points, marking its first record since late January, with the technology and consumer discretionary sectors leading the advance. The Nasdaq 100, in the middle of its longest winning streak since 2019, rose 1.4% to notch a record of its own for the first time since October.

The rally continues what has been a stark turnaround for the stock market, where a selloff through the end of last month had pushed the S&P 500 more than 9% below its peak. The Nasdaq 100, for its part, entered a technical correction during the war, falling 12% from its record. That downturn erupted after the oil-price spike caused by the conflict threatened to slow growth and fan inflation — raising fears of 1970s-like stagflation.
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