US stocks closed at a fresh record high on Wednesday as President Donald Trump's ceasefire extension with Iran boosted optimism among traders.
The S&P 500 Index gained 1.0% in New York to close at an all-time closing high. The tech-heavy Nasdaq 100 Index finished 1.7% higher, also setting a fresh all-time closing high. Brent crude jumped 3.0% to $100 per barrel and the Cboe Volatility Index hovered around 19.
The Philadelphia Stock Exchange Semiconductor Index advanced 2.7%, notching a record 16th-straight positive session.
"With earnings season putting investors in wait-and-see mode, the muted reaction to geopolitical headlines is a clear sign of resilience," said Nationwide's Mark Hackett. "As focus turns back to macro and earnings, the path of least resistance still looks higher."
ALSO READ: Oil Bears Go All-In: $430-Million Shorts Placed Before Trump's Iran Ceasefire Extension
Trump extended a truce that was due to expire today. White House Press Secretary Karoline Leavitt said Wednesday that Trump had not set a firm deadline for the Iran proposal.
While there seems no imminent return to fighting, there is still little sign the critical Strait of Hormuz will be reopened to oil and gas shipments soon. Iranian gunboats fired on commercial ships in the waterway on Wednesday.
"Markets are still navigating a fragile balance between improving sentiment and lingering geopolitical risk," said Daniela Hathorn, senior market analyst at Capital.com. "While ceasefire headlines and periodic re-openings of the Strait of Hormuz have helped ease immediate supply fears, disruptions to flows continue to linger, keeping a residual risk premium embedded in energy markets."
Investor focus will shift to corporate earnings. Tesla Inc. rose in post market trading after reporting results that beat estimates. The automaker is the first of the Magnificent Seven to report.
Other names to report after the bell include Southwest Airlines Co., Lam Research Corp. and Texas Instruments Inc.
In single-stock moves, Boeing Co. gained 5.5% after the company reported lower-than-expected cash outflow as it delivered the most aircraft in the first quarter since 2019. GE Vernova Inc. climbed 14% after the power equipment company reported revenue for the first quarter that topped estimates.
ALSO READ: US-Iran Peace Talks Second Round To Begin Soon? Trump Says 'Possible' As Soon As Friday
United Airlines Holdings Inc. dropped 5.6% after the carrier reduced its adjusted earnings per share forecast for the year. Spirit Aviation Holdings Inc. surged 150% as the Trump Administration neared a financial rescue deal for Spirit Airlines.
Fair Isaac Corp. tumbled 6.4% after the US government took steps that officials said were aimed at cutting costs for credit scores and making homeownership accessible to a wider swath of buyers.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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