US Stocks Hover at Record High as Wall Street Pauses for Breath After Two Big Days

NEW YORK — U.S. stocks are remaining near historic highs on Wednesday, as traders express optimism that the recent ceasefire between Israel and Iran will stabilize the oil market, avoiding significant price disruptions.

In early trading, the S&P 500 rose by 0.2%, sitting just 0.7% below its all-time high. Meanwhile, the Dow Jones Industrial Average remained largely unchanged, and the Nasdaq composite saw a 0.6% increase.

Crude oil prices, which have captured significant attention this week, began to stabilize after experiencing a sharp decline of about $10 per barrel over the past two days. Benchmark U.S. crude rose 0.7% to $64.81 per barrel, although it remains lower than pre-conflict levels.

The ceasefire between Israel and Iran appears to be holding for now, providing a glimmer of hope for market stability.

On Wall Street, cryptocurrency-related stocks enjoyed significant gains as bitcoin soared past $107,000. Coinbase Global surged 7%, and Robinhood Markets increased by 4%, reflecting a growing risk appetite among investors.

Contrastingly, FedEx saw a 5.3% drop despite reporting stronger-than-expected quarterly profits. Its disappointing forecast for the upcoming quarter contributed to the decline. Additionally, General Mills faced a 2.8% drop after reporting weaker-than-expected revenues, although its profit exceeded forecasts.

In the bond market, Treasury yields remained steady, with the 10-year Treasury yield rising slightly to 4.32% from 4.30% late Tuesday. The prior day, yields fell after Federal Reserve Chair Jerome Powell indicated the need to assess the economic impact of President Donald Trump’s tariffs before making further interest rate decisions.

Stocks abroad showed modest declines in Europe, following a positive session in Asia, where Hong Kong and Shanghai indexes rose by 1.2% and 1%, respectively. Frances Lun, CEO of GEO Securities in Hong Kong, remarked, “The world can now move on to face other difficult choices like tariffs and things like that. I think the market is well on its way to rebound and could again reach new levels.”

AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.