The S&P 500 and Nasdaq Composite closed at record highs on Friday after investors got a promising sign that peace talks between the US and Iran will soon take place in Pakistan.
The broad market index ended up 0.8% at 7,165.08, while the technology-advanced Nasdaq added 1.63% to end at 24,836.60. Both indices also hit new all-time intraday highs. However, the Dow Jones Industrial Average fell 79.61 points, or 0.16%, to end at 49,230.71.
MS NOW reported, citing a Pakistani official, that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday evening to hold talks with Pakistani mediators on a possible second round of talks with the US.
US oil prices fell after this development. U.S. West Texas Intermediate crude futures stabilized above $94 a barrel after falling 1.51%. Meanwhile, international benchmark Brent crude oil futures closed marginally higher at above $105 a barrel.
It comes right after President Donald Trump announced on Thursday that Israel and Lebanon have agreed to extend the ceasefire by three weeks, SEEbiz reports. The announcement followed a meeting at the White House with senior US officials, Trump said.
“Meeting went very well!” the president wrote in a post on Truth Social. “The United States will work with Lebanon to help it protect itself from Hezbollah,” he added, referring to the Iran-backed militia.
The conflict in the Middle East escalated into a naval showdown over the Strait of Hormuz as the US and Iran seized commercial ships. In a post on Truth Social on Thursday, Trump said he had ordered the US Navy to “shoot and kill every ship” laying mines in the strait.
