U.S. Stocks Hit Record Highs for a Third Straight Day; Nasdaq Posts Longest Winning Streak in 34 Years

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U.S. stocks continued their record run on the 17th (local time). President Donald Trump's remark that Iran and the United States would resume ceasefire talks this weekend and could reach an agreement "within a day or two" helped fuel the rally.
The Dow Jones Industrial Average has not yet reached a new all-time high, but the technology-heavy Standard & Poor's 500 Index (S&P 500) and the Nasdaq Stock Market (Nasdaq) both set fresh records for a third consecutive day.
In particular, the Nasdaq has risen for 13 straight trading sessions since the 31st of last month. That marks its longest winning streak in 34 years.
Meanwhile, major tech stocks rose across the board and led the market higher.
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The S&P 500 and Nasdaq extended their record-setting streaks to a third day.
The S&P 500 rose 84.78 points, or 1.20%, from the previous session to 7,126.06, while the Nasdaq climbed 365.78 points, or 1.52%, to 24,468.48.
According to CNBC, the Nasdaq index has gained for 13 consecutive trading days, setting its longest winning streak since 1992.
The Dow Jones Industrial Average posted the biggest gain among the three major indexes on the day. It jumped 868.71 points, or 1.79%, to close at 49,447.43.
That narrowed the gap with its previous closing record of 50,135.87, set on Jan. 9, to about 1.4%.
The Chicago Board Options Exchange Volatility Index (VIX), often called Wall Street's fear gauge, fell 0.46 points, or 2.56%, to 17.48. The VIX had surged to as high as 31.65 on the 27th of last month.
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Big Tech stocks led the market's gains on the day.
Nvidia Corporation rose $3.33, or 1.68%, to $201.68, while Alphabet Inc. gained $5.66, or 1.68%, to $341.68.
Apple Inc. jumped $6.83, or 2.59%, to $270.23, and Microsoft Corporation (MS) closed up $2.53, or 0.60%, at $422.79.
Tesla, Inc. surged $11.72, or 3.01%, to $400.62, and Palantir Technologies rose $3.63, or 2.54%, to $146.39.
Amazon and Meta Platforms Inc. also rose 0.34% and 1.73%, respectively.
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The rally in quantum computing startups also continued.
IonQ, Inc., the sector leader, briefly turned lower late in the session but quickly recovered. It ultimately jumped $1.41, or 3.16%, to $46.09.
Rigetti Computing, Inc. rose $0.36, or 1.85%, to $19.81, while D-Wave Quantum Inc. added $0.17, or 0.79%, to close at $21.69.
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Oil and chemical stocks, along with travel-related shares such as airlines and cruise operators, moved in opposite directions amid a sharp drop in oil prices.
Chemical company Dow Inc. tumbled $4.32, or 10.82%, to $35.60, while oil majors ExxonMobil and Chevron Corporation fell 3.65% and 2.21%, respectively.
Independent oil producer APA Corporation sank $2.16, or 5.70%, to $35.74.
By contrast, Royal Caribbean Group soared $19.53, or 7.34%, to $285.48, Norwegian Cruise Line Holdings (NCLH) jumped $0.96, or 4.79%, to $20.99, and Carnival Corporation & plc surged $1.91, or 6.99%, to $29.22.
United Airlines Holdings (UAL) surged $6.77, or 7.12%, to $101.80, while American Airlines rose $0.51, or 4.16%, to $12.78.
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dympna@fnnews.com Song Kyung-jae Reporter