The tech-heavy Nasdaq composite index is poised for the best 11-session performance in history.
The S&P 500 index rallied to a fresh record high on April 15 as U.S. stocks extended their rebound from last month’s war‑driven sell-off.
The benchmark index jumped by almost 0.8 percent, or 55 points, to 7,022 at the market close. It has surged by more than 3 percent over the past week and is now up by 2.5 percent this year.
Technology stocks also are rallying midweek, with the Nasdaq composite index soaring by more than 376 points, or 1.59 percent, to 24,016.
The Nasdaq is poised for the best 11-session stretch in history, surging by about 2,400 points this month. Year-to-date, the popular tech-heavy index has risen by 3 percent.
The blue-chip Dow Jones Industrial Average was little changed, closing at 48,463. It is up by 0.83 percent this year.
“Markets are incredibly reflexive in that we can go from deep oversold oscillator readings to overbought in the matter of [two] weeks,” Ken Mahoney, president and CEO of Mahoney Asset Management, told The Epoch Times in an emailed note.
“If you told someone when we were plunging down below 6,400 that we would be touching into 6,900 in a couple weeks, most likely they would have a hard time believing you.”
Wall Street investors have signaled hope regarding a potential end to the Iran war, which is approaching its eighth week.
Traders reacted, in part, to President Donald Trump signaling that the war is “very close to over,” saying that Tehran wants to “make a deal very badly.”
“I think it’s close to over,” the president said. “I view it as very close to over. If I pulled up stakes right now, it would take them 20 years to rebuild that country, and we’re not finished.”
He said the stock market will “boom” once the conflict is resolved.
Energy markets have stabilized this week on optimism surrounding an end to the war.
West Texas Intermediate crude oil—the U.S. benchmark for prices—slid by 0.3 percent to $91 per barrel on the New York Mercantile Exchange. U.S. crude has dropped by about 10 percent this week.
Domestic natural gas prices continue to remain unaffected by the conflict, trading at about $2.61 per million British thermal units.
By Andrew Moran
