S&P 500 hits record high

Wall Street extended its two-week rally, with both the S&P 500 and the Nasdaq Composite notching record closing highs.

Market sentiment was buoyed by reports of Pakistani mediators arriving in Tehran and President Trump's claim that the war is 'close to over.' Strong quarterly earnings from major banks also contributed to the bullish mood, suggesting the U.S. economy remains resilient despite high energy costs.

However, some analysts warn that the market may be too nonchalant about the long-term economic damage caused by the disruption of global oil supplies.