S&P 500, Nasdaq Hit Record Highs as Optimism Over US-Iran Peace Talks Persists

The S&P 500 and Nasdaq Composite closed at record highs on July 15 as hopes for a second round of peace talks between the US and Iran buoyed investor sentiment.

The S&P 500 rose 55.58 points, or 0.80%, to 7,022.95 on the New York Stock Exchange. It was the first time the index closed above 7,000. The benchmark also touched an intraday high of 7,026.24, surpassing its previous record of 7,002.28 set on Jan. 28.

The tech-heavy Nasdaq Composite jumped 376.93 points, or 1.59%, to 24,016.02. It was the highest level in six months, dating back to Oct. 29 last year. The gain marked the index's 11th straight session of advances.

The Dow Jones Industrial Average fell 72.27 points, or 0.15%, to 48,463.72.

US stocks have not only recovered losses triggered by the shock of the US-Iran war, but extended their rally.

President Donald Trump reinforced that optimism in an interview with Fox Business on July 15, saying the war with Iran would "end soon."

The start of first-quarter earnings season also lifted sentiment after war-related uncertainty had weighed on investors, amid expectations for strong corporate results.

After Goldman Sachs, JPMorgan Chase and Citigroup reported earnings above expectations through the previous day, Morgan Stanley and Bank of America also posted results that topped market forecasts on July 15.

Broadcom rose 4.19% after news that the semiconductor company had signed a deal with Meta to expand production of artificial intelligence chips.

Oil settled little changed as optimism over peace talks coincided with a decline in US commercial crude inventories. Brent crude for June delivery settled at $94.93 a barrel, up 0.1% from the previous session. US West Texas Intermediate crude for May delivery edged up 1 cent to $91.29 a barrel.

Jeong-sam Ko, Hankyung.com reporter, jsk@hankyung.com