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April 16, 2026

Wall Street hits record on Iran war hopes

By STAN CHOE
AP Business Writer

NEW YORK (AP) — The U.S. stock market hit a record Wednesday after adding to its two-week rally built on hopes the war with Iran won't create a worst-case scenario for the global economy. Whether Wall Street is correct to have so much hope for peace and whether stocks should be the highest they've ever been remains to be seen.

The S&P 500 rose 0.8% and eclipsed its prior all-time high set in January. After falling nearly 10% below its record in late March, a drop steep enough that Wall Street calls it a “correction,” the index at the heart of many 401(k) accounts has since roared more than 10% higher.


 
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