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US stocks rose on Tuesday, May 5, with the S&P 500 closing at a fresh record high as oil prices fell and investors were buoyed by better-than-expected earnings reports.
At the close, the S&P 500 rose 0.81% to 7,259.22. The Nasdaq increased 1.03% to 25,326.13. Both indexes posted intraday and closing records, continuing a trend of record highs after the market recovered from lows tied to the US-Iran conflict.
The Dow Jones Industrial Average rose 0.73%, finishing at 49,298.25.
During Tuesday, the US said the fragile ceasefire between the United States and Iran remained in place, even as the UAE said it was still attacked by Iran with missiles and drones. Earlier on Monday, US and Iranian forces exchanged fire in the Hormuz Strait as the US sought to reopen the vital sea route.
US Defense Secretary Pete Hegseth said the ceasefire was “certainly holding” and that “two U.S. merchant ships, together with a U.S. destroyer, had passed through the Hormuz Strait safely, showing the strait is open.”
News that the ceasefire was holding pushed crude oil lower, though the decline was modest compared with recent gains. Brent crude settled around 4% lower at $109.87 per barrel in London, while WTI settled down nearly 4% at $102.27 per barrel in New York.
In the morning, oil prices continued to slip after President Trump said the peace process between the US and Iran had progressed. In a Truth Social post, Trump said the US had paused the escort operation through the Hormuz Strait known as “Operation Freedom,” a day after it began, citing “significant progress toward a comprehensive and final agreement” with Iran.
At 7:40 a.m. Vietnam time, WTI fell about 0.9% from the prior close to $101.30 per barrel, while Brent fell about 0.9% to $108.90 per barrel.
Beyond the oil decline, the session was supported by better-than-expected Q1 2026 earnings reports. Among them, Belgian beer maker Anheuser-Busch InBev’s US-listed shares rose more than 8% after reporting results above expectations.
Among S&P 500 components that have reported so far, about 85% beat expectations, according to FactSet data.
“Markets have seen terrific earnings reports not only from large-cap technology but from companies across all sectors of the S&P 500, and from smaller-cap names in the U.S. market,” said Zachary Hill, portfolio manager at Horizon Investments, to CNBC.
Hill said the market’s persistence at record levels reflects the combination of a solid earnings season and the belief that both the US and Iran “want some kind of resolution to this conflict.”
He added: “I think there needs to be a major shift in the military situation or a larger jump in oil prices for the market to worry about developments in this conflict.”
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