S&P 500, Nasdaq edge up to new records on Middle East hopes
STORY: U.S. stocks closed higher on Thursday, with the Dow and S&P 500 each gaining about a quarter of a percent, and the Nasdaq adding more than a third of a percent. It was the second straight day of record closing highs for the S&P 500 and Nasdaq, and the latter's 12th consecutive daily gain, marking the tech-heavy index's longest winning streak since July 2009. :: File Stocks were buoyed by optimism that the worst of the Middle East conflict had passed after Israel agreed to a ceasefire with Lebanon and President Trump said the U.S. and Iran could meet again for talks this weekend. But some believe clearer signals of peace may be needed to sustain momentum. Eric Lynch is managing director and co-portfolio manager of Suncoast Equity Management. "I think what we can conclude is it's still volatile for obvious reasons. There's just a lack of visibility about what's happening in the Middle East and what that impact could be in terms of energy and other input costs across the economy." [FLASH] "The bounce back from the, since the inception of the Iran conflict has been pretty substantial.... There's a lot of liquidity in the system. Earnings were strong and so therefore it doesn't take much for animal spirits to, you know, rise back up." :: Netflix Stocks on the move Thursday included Netflix, which plummeted about 9% in extended trading after the company announced that Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago. His exit, which will take place in June, comes as the company regains its footing after losing its $72 billion bid for Warner Bros Discovery to rival bidder Paramount. The S&P 500's biggest decliner for the day was Charles Schwab, whose shares tumbled about 7.5% despite the brokerage firm posting record first-quarter profit. And shares of medical device maker Abbott slumped 6% to hit their lowest level since November 2023 after the company cut its full-year profit forecast.
