Stock market today: S&P 500 closes above 7,000 for first time, Nasdaq hits record as stocks erase Iran war losses

U.S. stocks climbed as optimism about U.S.-Iran peace talks and megacap strength pushed indices to fresh highs. The S&P 500 rose 0.8% to close above 7,000 for the first time, while the Nasdaq gained 1.6% to top 24,000. The session was led by large-cap tech names — Microsoft and Tesla jumped sharply — and the rally has erased losses tied to the Iran conflict. Investors are watching further peace-talk developments and a busy corporate earnings calendar, with some strategists warning that sentiment may be fragile despite the upside. Energy names lagged amid lower oil prices, while banks reported generally solid results (Bank of America beat estimates). Overall market action points to a bullish risk-on tone, tempered by caution about geopolitical and macro risks.