Stocks Hit All-Time Highs on Hopes War Is Near End: Markets Wrap

Stocks climbed around the world, joining gains in bonds as oil retreated on hopes the US and Iran are nearing a deal to end a war that has jolted markets and clouded the economic outlook.

Stronger risk appetite drove equities to record highs, lifting the S&P 500 by 1.5%. Solid corporate earnings also buoyed sentiment, with Advanced Micro Devices Inc. leading a rally in chipmakers. US crude settled around $95, easing inflation concerns. Gold jumped. Treasury yields slipped as bets on Federal Reserve rate hikes receded. The dollar fell to pre-war levels.