Wall Street was mostly higher on Thursday, holding gains after volatility amid positive developments in the Middle East conflict and key inflation data.
Axios reported that Washington and Tehran had reached a memorandum of understanding on a peace deal, pending President Donald Trump's final approval. Stocks spiked on the news.
The S&P 500 rose 0.6% to 7,562.75, and the tech-heavy Nasdaq Composite gained 0.8% to 26,900.06, both hitting intraday record highs.
Inflation data showed the core PCE price index rose 3.3% year-over-year in April, the highest since November 2023. Monthly core PCE inched up 0.2%.
Oil prices pared gains sharply after the Axios report. Brent crude was up 0.3% to $92.50 a barrel, after earlier climbing as much as 4%.
