US equities, led by tech stocks, moved higher on Wednesday as investor sentiment improved on signs of a potential de-escalation in the US-Iran conflict. At the same time, Bitcoin climbed to $75,000, reflecting broader strength across the crypto market.
Data from Yahoo Finance shows the tech-heavy Nasdaq Composite reached a fresh all-time high of 24,016.02, closing up 1.59%. The S&P 500 also hit a record 7,022.95, posting a more modest gain of 0.8%.
The rally was driven in part by a 2.08% rise in tech stocks. Meanwhile, Bitcoin touched $75,229, gaining 1.07% over the past 24 hours and extending a nearly 10% increase over the past two weeks.
Both equities and crypto markets were buoyed by signals from the White House suggesting the US-Iran conflict may be nearing resolution. President Donald Trump said in an interview with Fox Business that he believes the war is “very close to being over.”
Trump noted that any resolution will depend on whether the two sides can reach an agreement.
“If I pulled up stakes right now, it would take them 20 years to rebuild that country. And we’re not finished,” he said, adding, “We’ll see what happens. I think they want to make a deal very badly.”
Commenting on the S&P 500’s recent rally, Fundstrat chief investment officer Tom Lee said there is still room for further gains in the near term, pointing out that some investors remain on the sidelines awaiting clarity on the conflict.
Speaking on CNBC’s “Closing Bell” on Wednesday, Lee said the US economy and stock market have held up well despite tensions in the Middle East. In a post on X, he added that “stocks bottom on bad news,” not good news.
Lee also said he expects the next phase of the rally to be driven by crypto assets like Bitcoin and Ether, alongside the Magnificent Seven tech stocks and the broader software sector.
