S&P 500 and Nasdaq Gain on Middle East Peace Reports
U.S. stocks climbed on Thursday following reports that Washington and Tehran reached a preliminary agreement to extend a ceasefire and discuss nuclear programs. While first-quarter GDP was revised lower and inflation hit a three-year high, markets were supported by gains in technology and healthcare sectors.
The S&P 500 rose 0.49% and the NASDAQ gained 0.66% on Thursday following reports of a potential peace deal between the United States and Iran. The Dow Jones Industrial Average fell 13.29 points, or 0.03%, to 50,630.99. Axios reported a ceasefire extension and nuclear negotiations, though the agreement awaits final approval from President Donald Trump. Investors are balancing geopolitical optimism against April inflation data, which rose at its fastest pace in three years.
### Inflation Pressures and GDP Revisions Harris Financial Group managing partner Jamie Cox said inflationary forces might not abate as fast as markets desire. United States GDP for the first quarter was revised lower to a 1.6% annualized increase. Momentum is expected to slow during the current quarter.
