People are at work on the trading floor of the New York Stock Exchange in New York, April 13, 2026.Seth Wenig/AP
The S&P 500 reached a new all-time high on Wednesday as the cessation of hostilities between the U.S. and Iran entered its second week, seemingly improving prospects for a settlement to the Middle Eastern crisis.
The market increase occurred after President Donald Trump reaffirmed his intent to conclude the conflict, stating the war is "very nearly finished" during an interview segment with Fox News’ Maria Bartiromo that was broadcast on Tuesday.
The S&P 500 concluded the day up 0.8% on Wednesday, finishing at 7,022.93 points. The index previously peaked at 7,002.28 points on Jan. 28.
The Dow Jones Industrial Average decreased by 70 points, or 0.1%, whereas the technology-focused Nasdaq rose by 1.6%.
Markets have fluctuated considerably in the weeks following the commencement of the U.S.-Israel strikes against Iran on Feb. 28, as investors endured a historic global oil crisis and considered ambiguous signals from Trump.
Stocks largely increased steadily throughout April, however, in response to a perceived willingness from both parties to cease combat and negotiate a temporary armistice.
People work on the floor at the New York Stock Exchange in New York, April 13, 2026.Seth Wenig/AP
The U.S. is maintaining a naval blockade of Iranian ports in the Strait of Hormuz, putting pressure on Tehran by cutting off a significant source of income.
On Wednesday, the commander of the Khatam Al-Anbiya Central Headquarters of Iran’s armed forces asserted that the U.S. blockade of Iranian ports is a "breach of the ceasefire," in an announcement issued by the official Islamic Republic News Agency.
The war led to Iran’s de facto closure of the Strait of Hormuz, a vital shipping route that enables the movement of approximately one-fifth of the global supply of oil and natural gas.
The disruption equated to the "most significant oil supply disruption on record," the International Energy Agency (IEA) indicated in a new report on Tuesday. Oil and gasoline costs escalated sharply, leading some economists to caution about a potential economic downturn.
U.S. oil prices have decreased from a recent high attained in the initial stages of the war, but prices remain almost 40% above pre-war levels.
U.S.-Iran discussions in Pakistan over the weekend were unable to finalize a peace agreement. Trump commented that Iran’s supposed unwillingness to relinquish its nuclear program was the primary obstacle, and that the U.S. would respond with a blockade of the Strait of Hormuz, which commenced on Monday.
Israel, concurrently, has persisted with ground operations and intensified strikes in Lebanon, where it is confronting the Iran-backed Hezbollah militia. Israeli Prime Minister Benjamin Netanyahu declared his support for the ceasefire with Iran, but indicated that Lebanon was not subject to the accord, despite Iranian objections.
ABC News' David Brennan, Meredith Deliso, and Nadine El-Bawab contributed to this report.
Sourse: abcnews.go.com