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The S&P 500 and NASDAQ rose to new heights on Thursday, adding to their strong gains this week on optimism for a possible resolution to the Iran war.
The Dow Jones Industrials hiked 114.82 points to observe the close Thursday at 48,578.54.
The much-broader index progressed 18.24 points to 7,041.09
The tech-heavy NASDAQ recovered 86.69 points to 24,102.70.
This week, the S&P 500 has climbed more than 3% and the NASDAQ has risen more than 5%, respectively, while the Dow has advanced more than 1%.
Stocks received a bump Thursday after President Donald Trump confirmed he spoke with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu. He added that Israel and Lebanon had agreed to a to a 10-day ceasefire, which was to begin at 5 p.m. ET.
U.S.-listed shares of Taiwan Semiconductor shed $7.19, or 1.9%, to $367.92, despite reporting a record first-quarter profit, which increased by 58%, and beating analyst estimates. Revenue came in at 1.134 trillion new Taiwan dollars ($35 billion U.S.), compared to the NT$1.127 trillion expected, per LSEG.
But even if a U.S.-Iran peace deal were to come to fruition in the near term like investors anticipate, there could still be some market volatility approaching due to the war’s potential impact on the U.S. economy.
Prices for the 10-year Treasury demurred, raising yields to 4.31% from Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices moved ahead $2.15 to $93.44 U.S. a barrel.
Gold prices slipped $5.70 to $4,817.90 U.S. an ounce.
