Standard & Poor's and Nasdaq climb to record highs at closing
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May 6 (Reuters) - The Standard & Poor's 500 and Nasdaq indexes rose to close at record highs on Wednesday, buoyed by signs that the Iran war could end, while strong earnings from Advanced Micro Devices boosted shares of chipmakers and other artificial intelligence-related stocks.
Shares of Advanced Micro Devices (AMD) surged to an all-time high after the company forecast better-than-expected quarterly revenue, driven by strong demand for its chips used in data centers. Shares of rival Intel also climbed.
Global stocks rose and oil prices fell after Iran announced it was considering a new US proposal, while sources said Washington and Tehran were close to agreeing on a one-page memorandum to end the war, leaving thorny issues such as Iran’s nuclear program for later.
Thomas Martin, a portfolio manager at Global Investments, said, "The economy is doing well. There are no real warning signs of anything even approaching a recession. Under these circumstances, it is essential to own stocks."
According to preliminary data, the S&P 500 rose 104.46 points, or 1.45 percent, to close at 7,364.72, while the Nasdaq Composite climbed 508.76 points, or 2.01 percent, to 25,834.88. The Dow Jones Industrial Average advanced 603.51 points, or 1.22 percent, to 49,909.55.