S&P, Nasdaq close at records on Iran ceasefire extension, earnings

U.S. stocks climbed on Wednesday to send the S&P 500 and Nasdaq to closing records, after U.S. President Donald Trump extended the ceasefire with Iran, with a round of solid corporate earnings providing additional support for optimism. Trump said the indefinite extension of the ceasefire followed a request by Pakistani mediators. However, the U.S. Navy's blockade of Iranian ports remained in effect, and Iran seized two ships in the Strait of Hormuz.

The opening of the waterway, responsible for about 20% of global oil supply, remains a major unknown for investors and has been one of the sticking points in the negotiations. Iran's parliament speaker and top negotiator, Mohammad Baqer Qalibaf, said a full ceasefire only made sense if the blockade was lifted.

Stocks have rallied in recent weeks on the belief that a peace deal could be on the horizon, with the Nasdaq snapping a streak of 13 straight daily gains on Monday.

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