economy

Here are 3 forces that drove a remarkable, record-setting week on Wall Street

The S&P 500 closed above 7,100 for the first time as it completed its fastest turnaround since 1990.

Here are 3 forces that drove a remarkable, record-setting week on Wall Street

TL;DR

  • The S&P 500 and Nasdaq reached record highs, with the S&P 500 closing above 7,100 for the first time.
  • The market saw its fastest turnaround from a near-correction to an all-time high since 1990, largely due to hopes of an Iran peace deal.
  • Strong bank earnings revealed a resilient consumer, with JPMorgan and Wells Fargo reporting stable delinquency rates and increased spending.
  • Beaten-down software stocks, including Microsoft, CrowdStrike, and Salesforce, experienced significant gains, recovering some of their year-to-date losses.
  • Goldman Sachs, Bank of America, JPMorgan, and Morgan Stanley all beat earnings expectations, with Goldman Sachs highlighted for its profitable dealmaking business.

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