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The S&P 500 rose to a new all-time high on Wednesday, building on the week’s strong gains as investors remained hopeful about the Iran war potentially ending soon.
The Dow Jones Industrials dumped 72.27 points to close Wednesday at 48,463.32.
The broader index jumped 55.57 points to 7,022.95, marking the S&P 500's 10th positive session in 11.
The NASDAQ gathered 376.93 points, or 1.6%, to 24,016.17, to extend the technology-heavy NASDAQ’s winning streak to 11.
Stocks have been riding high this week on the possibility that a peace deal between the U.S. and Iran could materialize. The S&P 500, which fully recovered from its Iran war losses on Monday, has risen 3% this week. The NASDAQ has added more than 4%, and Dow, meanwhile, has jumped and 1% week to date.
Broadcom was a key winner in the session, rising 3%. This comes on the heels of Meta Platforms extending its partnership with Broadcom to deploy custom chips using the chipmaker’s technology.
Shares of Bank of America rose 1.5% Wednesday after earnings topped expectations, with Wells Fargo analyst Mike Mayo pointing to a surge in capital markets activity and improving efficiency as key drivers.
Prices for the 10-year Treasury took a step back, raising yields to 4.28% from Tuesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices doffed 26 cents to $91.02 U.S. a barrel.
Gold prices faded $32.40 to $4,816.50 U.S. an ounce.
