Wall Street’s stock benchmark S&P 500 and tech-heavy Nasdaq closed at record highs as hopes for a cooling of U.S.-Iran tensions and strong earnings expectations boosted risk appetite on Wednesday. Oil prices steadied after news Iran could make allowances for ships around the Strait of Hormuz.
The S&P 500 rose 0.80%, to 7,022.95, and the Nasdaq Composite rose 1.60%, to 24,016.02, while the Dow Jones Industrial Average fell 0.15%, to 48,463.72. Major banks reported rising profits, with Bank of America and Morgan Stanley both reporting strong first quarters. U.S. crude settled up 0.01% at $91.29 a barrel, while Brent rose 0.15% to $94.93 per barrel.
The U.S. dollar held nearly unchanged, fluctuating slightly but on track for its eighth straight session of declines. The two-year Treasury yield rose 1 basis point to 3.761%, and the 10-year yield was up 2.5 basis points to 4.282%.
