S&P 500 Hits Record 7,259.22 — Nasdaq + Russell 2000 Also at All-Time Highs as Oil Cools

The S&P 500 closed at a record 7,259.22 (+0.81%) Tuesday. The Nasdaq Composite hit a new closing record of 25,326.13 (+1.03%); the Dow added 356.35 points (+0.73%) to 49,298.25. The Russell 2000 also set a new intraday record. Oil cooled — WTI down 3.9% to $102.27 — as traders absorbed solid earnings and easing geopolitical risk.

The Numbers

S&P 500: 7,259.22 (+0.81%) — new all-time closing high
Nasdaq Composite: 25,326.13 (+1.03%) — new closing record
Dow: 49,298.25 (+0.73%, +356.35 pts)
Russell 2000: new intraday record
WTI crude: $102.27 (-3.9%)

What Drove The Move

Oil prices cooled across the board — WTI -3.9% — easing the inflation read
Solid Q1 earnings momentum across multiple sectors
AI capex narrative continues to support tech-megacap multiples
Russell 2000 record signals the rally is broadening beyond the Mag-7

Sector Performance

Technology, communication services, consumer discretionary led
Energy lagged on falling crude
Small-caps outperformed — first major Russell 2000 record in months
Defensives (consumer staples, utilities) underperformed in the risk-on tape

Macro Read

Markets fully reversed Monday’s risk-off selloff (S&P -0.41% on UAE missile interception)
Fed cut path expectations stable; dot-plot recalibration risk eases as oil cools
Stagflation concerns subside (for now)
VIX retreats from Monday’s spike

The Caveat

Today’s UAE Fujairah refinery attack (after Tuesday’s market close) injects fresh risk premium back into the tape. Wednesday’s open will likely test the new highs immediately. Markets that closed on a record high tend to be vulnerable to incident-driven selloffs the following session.