U.S. stocks climbed on Wednesday, sending the S&P 500 and Nasdaq to closing records. The Dow Jones Industrial Average rose 340.65 points, or 0.69 per cent, to 49,490.03. U.S. stock-index futures had advanced before the bell as traders examined the state of play for the Middle East.
The market sentiment was bolstered after President Donald Trump extended the U.S. ceasefire with Iran indefinitely on Tuesday afternoon. However, oil prices rose over the Iran war and stayed near $100 because the Strait of Hormuz remained closed.
Alongside the ceasefire extension, a round of solid corporate earnings provided additional support for optimism, helping U.S. stocks hit record highs. During the session, the dollar wavered as investors reacted to the geopolitical developments.