Nasdaq, S&P 500 Rise To New Record Intraday Highs

(RTTNews) - After showing a lack of direction early in the session, stocks have moved mostly higher over the course of the trading day on Thursday. The major averages have all moved to the upside, with the Nasdaq and the S&P 500 reaching new record intraday highs.

Currently, the major averages are posting modest gains. The Nasdaq is up 83.00 points or 0.4 percent at 24,099.02, the S&P 500 is up 17.63 points or 0.3 percent at 7,040.58 and the Dow is up 37.86 points or 0.1 percent at 48,501.58.

Stocks continue to benefit from the upward momentum seen over the past few weeks, which has helped the Nasdaq and the S&P 500 more than offset the nosedive seen in the weeks after the start of the U.S. war with Iran.

Traders also continue to express optimism about a second round of peace talks between the U.S. and Iran, although a new meeting has not been officially announced.

According to reports, the warring nations are considering extending the ceasefire by two weeks in order to allow more time for talks.

Adding to the positive sentiment a post on X from the office of Lebanese President Joseph Aoun said he had a phone conversation with President Donald Trump earlier today.

"During the call, President Aoun reiterated his gratitude for the efforts President Trump is exerting to achieve a ceasefire in Lebanon and to ensure lasting peace and stability, thereby paving the way for the realization of the peace process in the region," the post said.

Iran has been demanding that Israel halt its on attacks Hezbollah in Lebanon as part of the current ceasefire.

"It's like the events of the past month-and-a-half have been placed in the rearview mirror by investors," said Dan Coatsworth, head of markets at AJ Bell.

He added, "The market's sanguine perspective may be tested if the rhetoric about an end to the fighting isn't matched by reality sooner rather than later."

In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. unexpectedly decreased in the month of March

The Fed said industrial production fell by 0.5 percent in March after climbing by 0.7 percent in February. Economists had expected industrial production to inch up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

The unexpected decrease in industrial production partly reflected significant pullbacks in utilities and mining output.

Sector News

Transportation stocks have moved sharply higher on the day, driving the Dow Jones Transportation Average up by 2.8 percent to a record intraday high.

J.B. Hunt (JBHT) has helped lead the sector higher, with the transportation and logistics company spiking by 7.7 percent after reporting better than expected first quarter results.

Significant strength has also emerged among telecom stocks, as reflected by the 2.1 percent jump by the NYSE Arca North American Telecom Index.

Networking, oil producer and software stocks are also seeing considerable strength, while biotechnology stocks have moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index surged by 2.4 percent to a record high, while Hong Kong's Hang Seng Index shot up by 1.7 percent.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index is marginally higher, the U.K.'s FTSE 100 Index is up by 0.3 percent and the German DAX Index is up by 0.4 percent.

In the bond market, treasuries have shown a lack of direction over the course of the session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.287 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.