U.S. Stocks Close at Records on Iran Talks Optimism

U.S. stocks closed at record highs on Thursday amid rising optimism for a diplomatic resolution to the ongoing conflict with Iran, bolstered by solid corporate earnings reports.

The S&P 500 rose 18.33 points, or 0.3 percent, to 7,041.28, marking its second straight day above 7,000 and extending a streak of 11 gains in 12 sessions. The Nasdaq Composite climbed 86.69 points, or 0.4 percent, to 24,102.70, achieving its 12th consecutive advance and surpassing 24,000 for the first time. The Dow Jones Industrial Average added 115 points, or 0.2 percent, to end at 48,578.72. For the week, the S&P 500 gained 3.3 percent, the Nasdaq rose 5.2 percent, and the Dow increased 1.4 percent. Year to date, the S&P 500 is up 2.9 percent, the Nasdaq 3.7 percent, and the Dow 1.1 percent.

The rally reflected investor hopes for de-escalation in the Middle East tensions that began in late February, when fighting erupted between the U.S., Israel, and Iran. A 10-day ceasefire agreement, confirmed by President Donald Trump following discussions with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu, has paved the way for renewed U.S.-Iran negotiations. Trump stated that the...