New York stocks closed higher on expectations that the United States and Iran will resume cease-fire talks.
On the 14th (local time) in New York, the Dow Jones Industrial Average finished at 48,535.99, up 317.74 points, or 0.66%, from the previous session. The Standard & Poor's (S&P) 500 rose 81.14 points, or 1.18%, to 6,967.38, and the tech-heavy Nasdaq composite ended at 23,639.08, up 455.35 points, or 1.96%.
With this, the S&P 500 is now on the verge of breaking the record high (7,002.28) set on Jan. 28, while the Nasdaq extended gains for a 10th straight transaction day, marking the longest winning streak since November 2021.
U.S. President Donald Trump, regarding cease-fire talks with Iran, suggested the possibility of resuming negotiations, saying, "Something could happen within the next two days, and the likelihood that we will go there has increased."
The U.S. producer price index (PPI) for March, released the same day, rose 0.5% from the previous month, not as much as feared, easing market concerns about inflation.
Semiconductor stocks and other technology shares led the day's gains.
Nvidia rose 3.79%, and Amazon (3.79%), Meta (4.41%), Oracle (4.74%), and Alphabet (3.61%) also gained around 4%. Micron surged 9.11%.
Major U.S. big banks reported a series of "surprise earnings."
JPMorgan Chase said first-quarter net income rose 13% from a year earlier to $16.5 billion, while Citigroup's first-quarter net income jumped 42% to $5.8 billion.
JPMorgan Chief Executive Jamie Dimon said, "During the first quarter, the U.S. economy remained resilient," offering an optimistic assessment.