S&P 500 Hits New Record Amid Iran Tensions
Wall Street set another record on Monday (May 11), driven by gains in major technology stocks, despite a surge in oil prices after President Donald Trump rejected Iran's latest peace proposal.
The S&P 500 rose 0.19% to close at 7,412.84, while the Nasdaq Composite gained 0.1% to 26,274.13. Both indexes briefly set new intraday records before locking in all-time closing highs. The Dow Jones Industrial Average also added 95 points, or 0.19%, to 49,704.47.
The gains came amid escalating geopolitical tensions. Iran submitted a new proposal to US negotiators to end the months-long conflict. The proposal emphasized an end to hostilities on all fronts and the lifting of sanctions against Tehran.
However, Trump, via social media, called Iran's response "TOTALLY UNACCEPTABLE!" and stated that the ceasefire, which has been in place for about a month, is now "on life support" and "unbelievably weak."
Despite the heated geopolitical sentiment, investors remain focused on the strong momentum in the technology sector, which is fueling the market rally. Last week, the S&P 500 and Nasdaq surged more than 2% and 4%, respectively, marking their longest winning streaks since 2024. The Dow also recorded its fifth weekly gain in six weeks.
The latest rally suggests the US stock market remains on a bullish path, although geopolitical risks and diplomatic uncertainty continue to cloud global sentiment. (Arl)*
Source: Newsmaker.id
