Wall St ends sharply higher, S&P 500 nears record high as Middle East tensions cool

Wall St ends sharply higher, S&P 500 nears record high as Middle East tensions cool

By Stephen Culp

Tue June 24, 2025 4:27 PM

Following on the heels of the U.S. attack on Iran which sparked a big rally yesterday, and despite the fact that the declared truce has already been violated by Israel, the fact that there is any cooling of the tensions at all caused another major rally today with both tech and industrials advancing with big 3-digit gains. Powell again restated his oft-quoted view that rate cuts can wait until we have a much clearer picture of the tariffs with the oddsmakers now putting July at 20% and September at 70%.  

Consumer confidence, especially with regards to the job market, has fallen to a four year low as the economy weakens but even that was taken as good news as a sign rate cuts may be sooner than later. The S&P is now only 50 points from recovering its February record high. Revised Q1 GDP is due Thursday and PCE, a key Fed inflation gauge, on Friday. Volume came in below the 18.12 average at 16.94 billion. 

DJ: 42,581.78  +374.96      NAS: 19,630.98  +183.57      S&P: 6,025.17  +57.33        6/23

DJ: 43,089.02  +507.24      NAS: 19,912.53  +218.56      S&P: 6,092.18  +67.01        6/24

Tue 6-24-25 4:27 pm Wall St ends sharply higher, S&P 500 nears record high as Middle East tensions cool | Reuters