US equities moved higher on Wednesday, with the S&P 500 approaching a fresh all-time intraday high.
Investor sentiment improved on expectations that the Iran conflict could be nearing a resolution.
The benchmark index rose 0.2% and was on track for a record close, while the Nasdaq Composite advanced 0.3%.
The Dow Jones Industrial Average gained 157 points, or 0.3%, reflecting broad-based strength across equities.
Optimism around Iran conflict lifts sentiment
Market participants appeared encouraged by signs of potential diplomatic progress between the United States and Iran.
President Donald Trump said earlier in the week that negotiations may be underway.
“We’ve been called by the other side,” Trump said, adding, “They’d like to make a deal very badly.”
In a separate interview, Trump stated that the conflict is “very close to over” and reiterated that Iran is seeking an agreement.
These comments helped reinforce expectations that geopolitical tensions, which had weighed on markets since late February, could ease in the near term.
The rebound has been notable. Wednesday’s gains follow a strong run in recent sessions, with the S&P 500 now nearing its previous all-time high of 7,002.28 reached on Jan. 28.
Tuesday marked the index’s ninth positive session in 10, while the Nasdaq Composite extended its rally to a 10th consecutive day of gains.
Earlier this week, the S&P 500 erased all losses incurred since the start of the Iran conflict, underscoring the market’s resilience amid geopolitical uncertainty.
Major gainers today
Among individual stocks, Broadcom emerged as a key gainer, rising 2% during the session.
The move followed news that Meta Platforms had expanded its partnership with the chipmaker to deploy custom chips built using Broadcom’s technology.
The development provided additional support to the technology sector, which has been a primary driver of the broader market rally in recent sessions.
Financial stocks also contributed to the positive momentum after major US banks reported quarterly results that exceeded expectations.
Shares of Morgan Stanley rose more than 2% in early trading after the firm posted first-quarter earnings of $3.43 per share on revenue of $20.58 billion.
Analysts surveyed by LSEG had expected earnings of $3 per share on revenue of $19.72 billion.
Similarly, Bank of America shares gained more than 1% after reporting earnings of $1.11 per share on revenue of $30.43 billion, surpassing analyst estimates of $1.01 per share and $29.93 billion in revenue.
The bank’s performance was supported by strength in its equity sales and trading business, contributing to the overall positive tone in financial stocks.
The combination of easing geopolitical concerns, strong corporate earnings, and continued strength in technology stocks has helped sustain the market’s upward trajectory.
Investors remain focused on developments surrounding the Iran conflict, with any confirmation of a diplomatic resolution likely to serve as a further catalyst for equities.
The post US stock open higher: S&P eyes new ATH, Dow jumps 0.3% appeared first on Invezz