Wall Street equities notched up their ninth-straight week of gains as AI stocks rallied and signs that the US and Iran are nearing a deal to extend a fragile ceasefire boosted investor sentiment.
The S&P 500 rose 1.4 per cent this week, pushing the blue-chip index to its longest weekly winning streak since December 2023. The gauge has jumped 16 per cent since the end of March, while the tech-focused Nasdaq Composite has soared almost 25 per cent.
Investor sentiment has been lifted this week by indications that Washington and Tehran are drawing closer to an agreement to extend a ceasefire that began on April 8 for 60 days and reopen the Strait of Hormuz.
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