Stocks rose to record highs on Thursday as tensions between Iran and the U.S. eased for the time being, with tech shares outperforming.
The Dow Jones Industrial Average traded 200 points higher, or 0.7%. The S&P 500 climbed 0.6% while the Nasdaq Composite jumped 0.8%.
Apple shares jumped 2% to a record high after Chinese government data showed that iPhone sales rose 18% in December in the country. The S&P 500 tech sector rose more than 1%, led by a 3.5% gain in AMD shares. The chipmaker rose after an analyst at Mizuho Securities upgraded them to buy from neutral, citing a potentially stronger server market in 2020.
Wall Street is coming off a solid performance on Wednesday that led the Nasdaq to intraday and closing record highs. The S&P 500 also posted an intraday all-time high after President Donald Trump said Iran appeared to be “standing down” after firing a barrage of missiles at military bases housing U.S. troops in Iraq.