Wall Street extended its winning streak on Monday as the S&P 500 rose 0.44% to close at 6,611.83, marking its fourth consecutive gaining session. The Nasdaq Composite added 0.54% and the Dow climbed 165 points.
Ceasefire Hopes Drive Optimism
The rally was fuelled by reports that the U.S., Iran, and regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war. While chances of reaching a deal before Tuesday’s deadline remain slim, the mere possibility has been enough to lift sentiment.
First Winning Week Since War Began
Last week marked the stock market’s first winning week since the U.S.-Iran conflict broke out, with the S&P 500 snapping a five-week losing streak. The March jobs report also surprised to the upside, with payrolls rising by 178,000 — far exceeding the consensus estimate of 59,000.
Outlook
Every Wall Street forecaster tracked by Bloomberg is predicting stocks will rally for a fourth consecutive year. JPMorgan anticipates the S&P 500 reaching 7,500 on the back of solid corporate earnings and lower interest rates — though geopolitical risks remain the key wildcard.
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