U.S. Stocks Hit New Record High Amid Iran War Uncertainty

Wall Street climbs as S&P 500 tops prior peak, oil surges to $99 amid ceasefire talks

The U.S. stock market ticked to another record high Thursday as Wall Street waits for more clues about what will happen in the Iran war before making its next big move. The S&P 500 rose 0.3%, a day after topping its prior all-time high set in January, for its 11th gain in 12 days. The Dow Jones Industrial Average added 115 points (0.2%) and the Nasdaq composite rose 0.4%.

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil, the international standard, rose 4.7% to settle at $99.39. It?s gone from roughly $70 before the war to as high as $119 at times on uncertainty about how long the war will keep oil stuck in the Persian Gulf area and away from customers.

U.S. stocks have surged over 10% since late March lows, fueled by optimism for an end to the war or measures to avoid a global economic meltdown. The market now awaits confirmation if these hopes prove prescient or mere wishful thinking.

Pakistan's army chief met Iran's parliament speaker to push for extending a ceasefire that has halted nearly seven weeks of conflict involving Israel, the U.S., and Iran. ING strategists warn that failed U.S.-Iran peace talks pose a key upside risk, as demands remain far apart?while U.S. firms report stronger-than-expected Q1 2026 profit growth, sustaining market momentum.

PepsiCo rose 2.3% after reporting better results for the latest quarter than analysts expected. J.B. Hunt Transport Services vroomed 6.3% higher, and Marsh & McLennan climbed 4.4% after both likewise delivered stronger results than expected. Technology stocks also broadly got some support after Taiwan Semiconductor Manufacturing Co., an industry heavyweight, reported stronger revenue and profit for the start of 2026 than analysts expected.

On the losing end of Wall Street was Abbott, which fell 6% even though it reported slightly better results than analysts expected. Allbirds slumped 35.8%, but that gave back only a portion of its 582% surge from the day before. The company formerly known for sneakers is pivoting to the artificial-intelligence industry and hopes to rent out the use of high-powered AI chips as a service.

In stock markets abroad, indexes climbed across much of Europe and Asia. Japan?s Nikkei 225 jumped 2.4%, South Korea?s Kospi rallied 2.2% and Hong Kong?s Hang Seng rose 1.7% for some of the world?s larger moves. China on Thursday reported 5% economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.

In the bond market Treasury yields rose a bit after a report showed fewer U.S. workers applied for unemployment benefits last week. The yield on the 10-year Treasury rose to 4.31% from 4.29% late Wednesday.