Overview
- U.S. stocks climbed to fresh highs, with the S&P 500 closing at 7,365.12 for a record as the Nasdaq rose 2.02% and the Dow added about 612 points.
- A slide in oil followed President Donald Trump’s signal of progress with Iran, easing supply worries that can raise costs and weigh on profits.
- A wave of strong AI earnings drew buyers into growth stocks, which helped the Nasdaq outperform the broader market.
- Communication services, information technology and industrials led the advance, while energy and utilities fell as cheaper crude pressured producers.
- Investor mood strengthened, with the CNN Fear & Greed Index at 68.3 in the Greed zone, while reports showed 109,000 private jobs added and a 4.4% weekly drop in mortgage applications.