Peace Hopes, Strong Earnings Drive S&P 500, Nasdaq Records

The S&P 500 closed above 7,000 for the first time, while the Nasdaq extended its rally to 11 consecutive sessions. The S&P 500 surged 0.80% to 7,022.95, surpassing its previous record of 7,002.28 set on January 28, and the Nasdaq Composite jumped 1.59% to 24,016.02, reaching its highest level in six months.

This market recovery follows losses triggered by the US-Iran war, with President Donald Trump reinforcing optimism by stating the war would "end soon" in an interview with Fox Business. Major financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Morgan Stanley, and Bank of America, all reported first-quarter earnings that exceeded market expectations, further boosting investor sentiment.

Additionally, Broadcom rose 4.19% after securing a deal with Meta to expand artificial intelligence chip production. Oil prices remained largely stable, with Brent crude up 0.1% to $94.93 a barrel and US West Texas Intermediate crude up 1 cent to $91.29 a barrel, as peace talk optimism balanced a decline in US crude inventories.