The S&P 500 closed above 7,000 points for the first time in its history on Wednesday, erasing all losses tied to the Iran conflict and setting a new all-time high. The Nasdaq Composite surged past 24,000, while tech giants like Microsoft and Tesla led gains amid investor confidence.

The rally followed President Trump’s recent assertion that the U.S.-Iran conflict was “very close to over,” with markets responding immediately to his optimism about peace talks resuming within days. Bank of America and Morgan Stanley reported strong quarterly earnings, further fueling the surge. The S&P 500 rebounded from a two-week recovery period, closing at 7,022.93 after fully erasing war-era losses.

Technology stocks dominated the advance, with Microsoft rising 4% and Tesla climbing 7-8%. Software and cloud companies—including Oracle, ServiceNow, and Salesforce—rebounded significantly after months of volatility. The market’s resilience coincided with Tax Day, as Treasury data revealed 53 million Americans claimed new tax exemptions under Trump’s policies, including expanded deductions for tips and overtime.

This milestone marks a historic shift in market performance, driven by both geopolitical optimism and robust corporate results. As President Trump stated earlier this week, the market’s trajectory aligns with his prediction of sustained growth—a forecast now reflected in record-breaking indices.