dailyloe.com – The S&P 500 reached a new all-time intraday high on Thursday as oil prices continued to decline. This optimism was fueled by hopes that the U.S. and Iran were nearing an agreement to conclude the war. The broad market index was last observed up 0.2%, while the Nasdaq Composite increased by 0.6%, achieving its own all-time high.
On Thursday, oil prices traded below $100, with U.S. West Texas Intermediate crude futures dropping 3% to above $91 per barrel. International Brent crude futures also decreased by 3%, settling above $97 a barrel. In addition to falling oil prices, strong quarterly results contributed positively to market sentiment.
Fortinet experienced a significant surge, rising 22% after raising its full-year billings guidance. DoorDash saw an increase of over 1% following positive guidance for orders in its second quarter. Previously, stocks had strong gains, with the S&P 500 and Nasdaq reaching record highs, while the Dow Jones Industrial Average rose more than 600 points.
On Wednesday, stocks climbed, and oil prices cooled after Axios reported on the potential U.S.-Iran deal. This report cited two U.S. officials and two additional sources, stating that the White House was close to a one-page, 14-point memorandum of understanding. This framework aims to not only end the war but also to facilitate more detailed nuclear discussions.
An Iranian foreign ministry spokesperson confirmed that Iran was evaluating a U.S. proposal for a resolution. In addition to these developments, a strong earnings season has further bolstered stock prices. Samantha McLemore, founder of Patient Capital Management, expressed optimism about the market’s trajectory.
“It’s a secular bull market,” McLemore stated on CNBC’s “Closing Bell.” She added, “People have been talking about this — are we in a bubble, has it gone too far — for over a year now.” This discussion has limited valuations, with market movements tracking earnings closely.
Apple shares hit an all-time intraday high of $290.33 on Thursday, surpassing the previous high of $288.62 recorded on December 3, 2025. On Wednesday, Apple closed at $287.51, marking its first new closing high since it ended at $286.19 on December 2, 2025. According to FactSet data, Apple’s 14-day relative strength index (RSI) was around 71.8, indicating that any reading above 70 is typically seen as a sign that a stock is overbought.
