U.S. markets ended modestly higher on Wednesday, with both the Nasdaq and the S&P 500 closing near record highs amid growing optimism over a potential easing of tensions between the U.S. and Iran. Investors took note of report stating that President Donald Trump said Iran is willing to negotiate a deal, but added that the U.S. remains dissatisfied with Tehran’s current proposals. He also emphasized that the Strait of Hormuz should remain open to all nations. Meanwhile, market participants closely monitored upcoming economic data, including weekly jobless claims, new home sales, and personal income figures.
On the sectoral front, despite the lackluster performance by the broader markets, airline stocks continued their strong upward momentum for a third straight session, with the NYSE Arca Airline Index advancing 2 percent. Telecom stocks also witnessed healthy buying interest, driving the NYSE Arca North American Telecom Index higher by 1.6 percent. Additionally, gains were seen in computer hardware, housing, and retail counters.
Dow Jones Industrial Average gained 182.6 points or 0.36 percent to 50,644.28, Nasdaq increased 18.55 points or 0.07 percent to 26,674.735 and S&P 500 gained 1.24 points or 0.02 percent to 7,520.36.
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