S&P 500 hits record high as tech rebounds and Iran peace hopes lift stocks

The S&P 500 recorded its first record closing high in two months this week, capping a four-day, 5% rally that BTIG data highlighted as an unusually rare move. The index rose 1.79% on Tuesday to finish at 7,736.52, its highest close since June, before slipping 0.17% on Wednesday to 7,723.55 after touching another intraday record and ending its four-day win streak. The Dow, by contrast, added 263 points on Wednesday to close at a record 54,349 for a fifth straight session. Michael Burry, citing BTIG's Jonathan Krinsky, said the S&P 500 had previously surged 5% over four trading days to a new high only three other times: April 23, 1999, March 21, 2000 and November 9, 2020. Two of those dates fell around the dot-com bubble's peak and early unwind, fueling debate over whether the latest advance is a warning signal or simply a sign of momentum. The rally has been supported by strong earnings and easing Middle East tensions, while some strategists remain constructive on the outlook. Yardeni Research raised its year-end S&P 500 target to 8,250 from 7,700 earlier this year, and Goldman Sachs President John Waldron said broadening profit growth beyond technology is the market's key fundamental driver. At the same time, the cap-weighted S&P 500 has outperformed the equal-weighted index by roughly 4% over the past several days, pointing to renewed concern that leadership may be narrowing again after this year's AI-driven concentration debate.