The S&P 500 and the Nasdaq surged to record-high closes on Wednesday, buoyed by signs of a resolution in the Middle East conflict, while strong earnings from Advanced Micro Devices sparked a rally in chipmakers and other AI-related stocks.
Advanced Micro Devices soared almost 19% to an all-time high after forecasting quarterly revenue above expectations on robust demand for its data center chips.
Shares of rival Intel gained 4.5%, while the PHLX chip index rallied 4.5%, bringing its 2026 gain to 62%.
Global stocks surged and oil prices slumped after Iran said it was reviewing a new U.S. proposal, while sources said Washington and Tehran were closing in on a one-page memorandum to end the war, while leaving tricky issues such as Iran's nuclear program for later.
Brent crude futures fell about 8% to $101 a barrel, helping ease concerns about inflationary pressures.
Wall Street has surged in recent weeks, with investors looking beyond the Middle East conflict and instead focusing on a strong first-quarter earnings season that has been driven by AI-related companies.
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