The US stock market ticked to another record high on Thursday as Wall Street waited 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%.
US 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.
Oil prices climb as uncertainty lingers
Pakistan's powerful army chief met 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 US 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 $US99.39. It's gone from roughly $US70 before the war to as high as $US119 at times on uncertainty about how long the war will keep oil stuck in the Persian Gulf area and away from customers.
In the meantime, big US companies are continuing to deliver growth in profits for the start of 2026 that's even better than analysts expected. Such growth is the lifeblood of the stock market, whose level tends to follow the track of corporate profits over the long term.
All told, the S&P 500 rose 18.33 points to 7,041.28. The Dow Jones Industrial Average added 115.00 to 48,578.72, and the Nasdaq composite gained 86.69 to 24,102.70.
Global markets rise with China growth and yields in focus
In stock markets abroad, indexes climbed across much of Europe and Asia. Japan's Nikkei 225 jumped 2.4%, South Korea's Kospi rallied 2.2% and Hong Kong's Hang Seng rose 1.7% for some of the world's larger moves.
China on Thursday reported 5% economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.
In the bond market Treasury yields rose a bit after a report showed fewer US workers applied for unemployment benefits last week.
The yield on the 10-year Treasury rose to 4.31% from 4.29% late Wednesday.
