S&P Briefly Touches Record on Easing Mideast Risk, Tech Rally
The latest boost for stocks came as traders rushed into technology, growth and riskier parts of the market after news of a ceasefire between Israel and Iran following nearly two weeks of hostilities.
Photographer: Michael Nagle/BloombergThe S&P 500 Index closed inches from an all-time high on Thursday, capping a stunning recovery that has added almost $10 trillion in value to US stocks that were on the cusp of a bear market just two months ago.
The equities benchmark rose 0.8% to 6,141.02 and is now up more than 23% from its April low. The latest boost is coming as traders rush into technology, growth stocks and riskier parts of the market after news of a ceasefire between Israel and Iran following nearly two weeks of hostilities. Stocks are also benefiting from the assumption that President Donald Trump will eventually relent on his harshest tariff policies in what’s become known as the TACO trade — an acronym for Trump Always Chickens Out.