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US equities and tech stocks rose on Wednesday as investors took a more optimistic view of the US-Iran conflict’s potential de-escalation. The broader risk-on tone also lifted crypto, with Bitcoin briefly tapping $75,000.
Data from Yahoo Finance showed the tech-heavy Nasdaq Composite reached a new all-time high of 24,016.02 on Wednesday, closing up 1.59%. The S&P 500 also set a record, finishing at 7,022.95 after a gain of 0.8%.
Tech stocks led the day’s advance, rising 2.08% overall.
Bitcoin traded at $75,229 on Wednesday, up 1.07% over the past 24 hours. The move continued recent strength, with BTC up nearly 10% over the past two weeks. The crypto market also benefited from the same positive sentiment supporting equities.
Equity and crypto gains came amid suggestions from the White House that the US-Iran conflict may be nearing an end. President Donald Trump said on Fox Business on Wednesday that he views the war as very close to being over, while adding that the outcome depends on whether a deal can be struck between the two nations.
Commenting on the S&P 500’s recent record gains, Fundstrat’s chief investment officer Tom Lee said there is more room for growth in the near term. He argued that some investors remain on the sidelines while they wait to see how the conflict develops.
Speaking with CNBC’s Closing Bell on Wednesday, Lee said the US stock market and economy have been performing well despite the Middle East conflict. He also noted that stocks tend to bottom on bad news rather than good news.
Looking ahead, Lee said he expects the next phase of the rally to be led by crypto assets such as Bitcoin and Ether, along with the Magnificent Seven tech stocks and the broader software sector.
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