With oil prices off significantly from their highs due to cooling tension in the Middle East, Wall Street saw a green light for the S&P 500 march to fresh highs.
The S&P 500 was hovering around breakeven on Wednesday, off less than 1% from its Feb. 19 closing high. The Dow was down 91 points, or 0.2%. The Nasdaq Composite was leading the pack with a 0.3% gain.
For the S&P, BMO Capital Markets Chief Investment Strategist Brian Belski argues the record close is far from a ceiling. Belski raised his target for the index to 6700 after cutting it from that level to 6100 on April 9 when markets were selling off in response to President Donald Trump’s “Liberation Day” tariffs.
