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U.S. stock indices rose on Wednesday, April 22, with the S&P 500 and Nasdaq closing at record highs. Gains were supported by news that the U.S.–Iran ceasefire had been extended and by positive earnings from listed companies, even as tensions in the Hormuz Strait kept oil prices above $100 a barrel.
At the close, the S&P 500 rose 1.05% to 7,137.9. The Nasdaq climbed 1.64% to 24,657.57. The Dow rose 340.65 points, or 0.69%, to 49,490.03.
Last week, the S&P 500 recovered all of the points it had lost since the start of the U.S.–Iran war. The rally was partly driven by investor expectations that Washington and Tehran would eventually reach a deal to end the conflict.
After the market closed on Tuesday, President Donald Trump said he extended the ceasefire with Iran, citing internal divisions in Tehran. He said the ceasefire would remain in place until Iranian officials presented a unified proposal with the United States.
Despite the extension, prospects for peace talks were described as fragile. Tehran has not made any commitments and no timeframe has been agreed to resume negotiations. Iranian state media characterized talks with the United States as a “waste of time.”
Navigation through the Hormuz Strait remains blocked as both the U.S. and Iran press to exert pressure on each other. On Wednesday, Iran said it had captured two container ships in the Hormuz Strait as the ships tried to pass through “without permission.”
Following these developments, Brent crude futures in London rose by more than 3%, closing at $101.91 a barrel. U.S. West Texas Intermediate (WTI) crude rose more than 3% to $92.96 a barrel.
Bob McNally, president of Rapidan Energy, said Tehran appears confident it has the upper hand over the U.S., adding that it is willing to endure hardship for six months to maintain the stalemate in the Hormuz Strait so that oil prices stay higher.
Ben Fulton, CEO of WEBs Investments, argued that with the S&P 500 at record highs and the Nasdaq near its own records, investors are putting aside concerns about the Middle East conflict. He said the U.S. stock market is likely to see stronger gains than other markets in the near term, supported by healthy earnings growth from listed companies.
Wall Street’s Q1 2026 earnings season is off to a positive start. Among S&P 500 companies that have reported so far, more than 80% have beaten expectations, according to FactSet data. On Wednesday, Boeing shares jumped 5.5% after the aircraft maker reported a smaller-than-expected loss.
According to LSEG data, S&P 500 companies could post roughly 14% year-over-year earnings growth for the first quarter.
Even with equities near records, investors remain concerned about inflation and higher interest rates for longer, supported by elevated oil prices.
According to the CME FedWatch Tool, traders are pricing in just over a 30% chance that the Federal Reserve will cut rates by 0.25 percentage point this year.
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