S&P 500 hits new intraday record high on hopes of end to Iran war

The S&P 500 hit a new all-time intraday high Wednesday, rising 0.6% in afternoon trading to 7,009.86 as of 6.13 pm GMT as investors bet a possible end to the Iran war could support risk appetite and extend Wall Street’s recent rally.

The benchmark index surpassed its previous intraday record of 7,002.28, set on Jan. 28. A close above 6,978.60 would mark a new record high.

The broader market’s advance came as investors remained hopeful that diplomacy could gain traction after US President Donald Trump said talks with Iran could soon resume despite the collapse of negotiations in Pakistan last weekend.

Other major indexes were mixed in afternoon trading. The Nasdaq Composite rose 1.1%, putting it on track for an 11th straight gain, while the Dow fell 139 points, or 0.3%.

If sustained, Wednesday’s numbers would leave the S&P 500 with gains in 10 of the last 11 sessions.

US stocks sold off sharply after the war began on Feb. 28, when the US and Israel launched attacks against Iran. Oil prices surged and investors worried that higher energy costs could reignite inflation and complicate the outlook for interest rates.

The S&P 500 fell as much as 9% after the outbreak of hostilities, while the Nasdaq and Dow entered correction territory.