economy
Wall Street scales fresh record high as investors bet on end of Iran war
The S&P breached 7,000 points for the first time in history, in a rally that erased stark losses incurred at start of war
TL;DR
- S&P 500 and Nasdaq hit record highs amid optimism over the US-Iran war's conclusion.
- Donald Trump stated the war is 'very close to over,' fueling investor hope.
- Quarterly earnings from Bank of America and Morgan Stanley exceeded expectations.
- The US denied requesting an extension to the current ceasefire, set to end April 22.
- Markets seemed unconcerned by potential US blockade of the Strait of Hormuz.
- Brent crude oil dropped 10% after the ceasefire announcement.