U.S. stocks rose broadly on expectations that Middle East risks could ease, extending a run of record highs for major indexes.
According to major foreign media outlets including Cryptopolitan, the S&P 500 rose 0.8 percent from the previous session to end at 7,022.95, a record close. The Nasdaq also hit a record, gaining 1.59 percent to 24,016.02. The Dow Jones Industrial Average, however, fell 72.27 points, or 0.15 percent, to 48,463.72.
The gains are seen as reflecting expectations that tensions between the United States and Iran could ease. Markets are putting weight on the possibility that geopolitical risks will not be prolonged, increasing exposure to risk assets again.
The rise is extending into a clear trend beyond a short-term rebound. The Nasdaq has climbed for 11 straight sessions, and the S&P 500 has risen in 10 of the past 11 sessions. So far this week, the S&P 500 is up about 3 percent and the Nasdaq is up about 5 percent, while the Dow has also gained more than 1 percent.
Technical indicators are also signaling overheating. The Nasdaq's relative strength index (RSI) moved above 70, entering overbought territory. The shift came in just 11 sessions after it was in oversold territory on March 30, a pace viewed as the fastest since the early 1980s.
The rebound led by technology shares also stood out. IGV (iShares Expanded Tech-Software Sector ETF), a representative software-sector exchange-traded fund, rose more than 3 percent on the day and its weekly gain was close to 10 percent. The ETF fell more than 7 percent last week, but funds flowed back in this week as investor sentiment recovered quickly.
Earlier, the market raised concerns that Anthropic's AI model, "Claude Mythos", could shock the software-as-a-service (SaaS) industry, but that unease eased this week, improving sentiment across technology shares.
Among individual stocks, Tesla's rebound stood out. Tesla closed up 7.95 percent at $391.95. The move followed CEO Elon Musk (일론 머스크) saying the next-generation AI5 chip reached a key engineering milestone, stoking expectations for expanded autonomous driving and robot businesses.
Tesla is also pursuing a plan to build 2 advanced chip plants in the Austin, Texas area with SpaceX. The goal is to produce chips for vehicles and robots and chips for orbital data centers. Intel is also participating in the project.
Changes in investment bank assessments also supported the share price rise. UBS upgraded Tesla to "neutral" from "sell" and set a price target of $352. That reflected a positive view of progress in developing a small SUV.
Tesla is also converting part of its Fremont, California plant to expand production of its humanoid robot Optimus and temporarily suspended sales of the Model S and Model X. It also moved to strengthen its revenue model, including raising accessibility to supervised Full Self-Driving (FSD) subscriptions through software updates.
Big technology stocks broadly strengthened as well. Microsoft rose about 4 percent intraday, and Salesforce gained nearly 3 percent. Among S&P 500 components, Datadog and ServiceNow rose 7 percent and 6 percent, respectively, logging double-digit weekly gains.
As expectations of easing Middle East tensions combine with a recovery in investor sentiment toward technology stocks, major indexes and growth shares are continuing to rise together.