NEW YORK (AP) — The U.S. stock market ticked to another record high Thursday as Wall Street waits for more clues about what will happen in the Iran war before making its next big move.
The S&P 500 rose 0.3%, a day after topping its prior all-time high set in January, for its 11th gain in 12 days. The Dow Jones Industrial Average added 115 points, or 0.2%, and the Nasdaq composite rose 0.4%.
U.S. stocks have leaped more than 10% since hitting a low in late March, driven by hopes for an end to the war or something that could avert a worst-case scenario for the global economy. Now, the wait is on to see if such hopes were prescient or just wishful thinking.
Pakistan’s powerful army chief met Thursday with Iran’s parliament speaker as part of efforts to press for an extension to a ceasefire that has paused almost seven weeks of war between Israel, the U.S. and the Islamic Republic.
Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil, the international standard, rose 4.7% to settle at $99.39. It’s gone from roughly $70 before the war to as high as $119 at times on uncertainty about how long the war will keep oil stuck in the Persian Gulf area and away from customers.