S&P and Nasdaq hit record highs, continuing remarkable recovery from war shock | CNN Business

A rally in stocks lifted the S&P 500 and Nasdaq Composite to fresh record highs on Wednesday, capping off a strong two-week recovery that has seen the indexes erase all losses tied to the US-Israeli war with Iran. The S&P on Wednesday rose 0.8% to close at 7,022.95 points, an all-time high, surpassing its last record set in January. It’s a stark shift from just a few weeks ago, when the index was down roughly 9% since its January peak. The Nasdaq rose 1.59% and closed at 24,016.02 points, a record closing high. The tech-heavy index has soared more than 15% since late March, surpassing its previous record high set in October and officially exiting the correction it entered just weeks ago. What’s changed? Investors have leaned in to optimism about the US-Iran ceasefire, albeit fragile. A pullback in oil prices – though still elevated compared to pre-war levels – has also helped fuel the stock market rally. Wall Street is also in the midst of earnings season, and investors are enthusiastic about forecasts for corporate profits. The S&P 500 rose 10 out of the past 11 trading sessions, gaining more than 10% across that period and putting the index up 2% since the US-Israeli war