S&P 500 Extends Winning Streak to Record Length Since October

US Stocks Rise for Seventh Consecutive Day Amid Ceasefire Hopes

Wall Street traders drove stocks higher on Thursday as oil prices closed below $100 after Israel agreed to direct talks with Lebanon, bolstering expectations that a US ceasefire deal will hold. The S&P 500 notched its longest winning run since October, extending gains into a seventh straight day despite a selloff in software shares.

The US crude price settled near $98 on hopes for a de-escalation in strikes that have prompted Iran to keep the Strait of Hormuz largely blocked. President Donald Trump expressed optimism about a deal with Iran, although issues such as Israel's offensive in Lebanon and the opening of Hormuz remain unresolved.

Israeli Prime Minister Benjamin Netanyahu agreed to hold direct talks with Lebanon, with the focus on disarming Tehran-aligned Hezbollah. Trump has asked him for a scale-back in strikes to ensure the success of negotiations with Iran, according to NBC News.

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The durability of the ceasefire, shipping volume through the Strait of Hormuz, and the success of a permanent deal with Iran are key factors influencing the market, said analysts. The US economy expanded at a slower pace than previously estimated in the final months of 2025, with consumer spending barely rising in February amid persistent inflation.

Data showed that the US economy expanded at a slower pace than previously estimated in the final months of 2025. Consumer spending barely rose in February amid persistent inflation that's set to accelerate due to the war. The latest figures don't reflect the recent surge in energy prices, but Friday's consumer price index will capture some of that impact.

A separate report on Thursday showed recurring applications for US jobless benefits fell to the lowest level in almost two years, adding to evidence of stabilization in the labor market. Economists project a 0.9% increase in the consumer price index (CPI) - the sharpest one-month advance since 2022.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Corporate Highlights:

• A $7 billion private credit fund managed by Carlyle Group Inc. capped redemptions after investors asked to pull 15.7% of the shares in the first quarter.
• CoreWeave Inc. has struck a $21 billion deal to supply computing power to Meta Platforms Inc. through 2032.
• Intel Corp. said Alphabet Inc.'s Google has committed to using future generations of its Xeon processors and other chips.
• Pacific Investment Management Co. is looking to sell a portion of the $14 billion of debt financing it's providing for a massive Oracle Corp. data center in Michigan.
• Chevron Corp. said its production fell as much as 6% in the first quarter due in part to the Iran war.

Market Moves:

• The S&P 500 rose 0.6% as of 4 p.m. New York time.
• The Nasdaq 100 rose 0.7%.
• The Dow Jones Industrial Average rose 0.6%.
• The MSCI World Index rose 0.3%.
• The Bloomberg Dollar Spot Index fell 0.2%.
• Bitcoin rose 1% to $72,115.91.
• Ether rose 0.4% to $2,217.92.
• The yield on 10-year Treasuries was little changed at 4.29%.
• West Texas Intermediate crude rose 5.1% to $99.21 a barrel.