The S&P 500 hit a new record high on Wednesday, climbing 56 points, or 0.8%, to close at 7,023. The Nasdaq Composite Index also ended in record territory, jumping 377 points, or 1.6%, to 24,016, eclipsing its previous record of 23,958 in October 2025.
Key Takeaways
The S&P 500 surged to a new all-time high on Wednesday as investors shrugged off concerns about inflation and the economic impact of the Iran war. Both the Nasdaq Composite Index also reached record levels.
- The S&P 500 closed at 7,023 points
- Nasdaq saw its longest streak of consecutive gains since 2021
- Dow Jones dropped slightly by 72 points
The rally marks a sharp reversal from late March when the Dow fell into correction territory after five straight weeks of losses. Despite ongoing concerns about inflation and economic impacts due to the Iran war, investors remain optimistic that the conflict will eventually de-escalate.
According to CBS News, equity analyst Adam Crisafulli believes it's becoming a consensus view that this conflict will be resolved soon. Scott Wren from Wells Fargo Investment Institute expects the Middle East conflict to continue for weeks but not months. Investors are betting on the Strait of Hormuz reopening soon.
Strong corporate earnings have also helped buoy investor sentiment, with Bank of America and Morgan Stanley reporting better-than-expected quarterly results. Tech giants like Alphabet, Amazon, Apple, and Microsoft are set to report their earnings next week, which could further boost the market.
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