US stocks hit record highs while oil rises on Iran ceasefire fears
US equity indexes edged higher to fresh record closing highs on Monday as investors awaited a meeting between President Donald Trump and Chinese leader Xi Jinping, while oil prices climbed on renewed concerns over the Iran conflict.
Markets were rattled after Trump said the US-Iran ceasefire was “on life support” and dismissed Tehran’s response to a US peace proposal as “stupid,” fueling fears that the 10-week conflict could drag on and continue disrupting shipping through the Strait of Hormuz.
The S&P 500 rose 0.19% to close at 7,412.84, while the Nasdaq Composite gained 0.10% to 26,274.13, both record closing highs.
