S&P 500, Nasdaq Close at Record Highs as Trump Extends Iran Ceasefire

Trump announces ceasefire extension

Strait of Hormuz tensions persist

Benchmark Brent rises 3.5%

Tesla operating profit tops estimates slightly

U.S. stocks closed higher on April 22 as President Donald Trump extended the ceasefire deadline with Iran and optimism over corporate earnings supported sentiment.

The Dow Jones Industrial Average rose 340.65 points, or 0.69%, to 49,490.03 at the close on the New York Stock Exchange. The S&P 500 gained 73.89 points, or 1.05%, to 7,137.90, while the tech-heavy Nasdaq Composite climbed 397.61 points, or 1.64%, to 24,657.57.

The S&P 500 and the Nasdaq both finished at record closing highs.

Trump announced after the previous session's close that he would extend the expiration of the "two-week ceasefire" with Iran. The New York Post reported that he said there could be "good news" as early as April 24 regarding a second round of negotiations to end the war with Iran.

Oil prices rose as tensions around the Strait of Hormuz persisted. Brent crude for June settlement ended at $101.91 a barrel, up 3.5% from the previous session. U.S. West Texas Intermediate crude for June settlement rose 3.7% to $92.96 a barrel.

Strong first-quarter earnings from U.S. companies, particularly in artificial intelligence-related industries, also lifted investor sentiment.

Among the largest technology stocks by market value, Apple rose 2.63%, Microsoft gained 2.07%, Amazon advanced 2.18%, Alphabet added 2.12%, Nvidia climbed 1.31% and Meta rose 0.88%.

Tesla said after the close that first-quarter operating profit under generally accepted accounting principles, or GAAP, totaled $900 million. That was slightly above market expectations. Tesla shares, which ended the regular session little changed, rose more than 4% in after-hours trading.

Lee Su, Hankyung.com reporter 2su@hankyung.com