Wall Street rose on Wednesday, with benchmark indices hitting record levels after a strong two-week rally driven by optimism that the global economy can avoid the worst from the US-Iran conflict.The S&P 500 rose 0.2% in early trading and was on track to surpass its January record, while the Dow Jones Industrial Average rose 91 points, or 0.2%, and the Nasdaq Composite advanced 0.3%, the AP reported.Treasury yields remained largely flat as diplomatic efforts intensified to extend a ceasefire between the US and Iran and restart talks before the current accord expires next week.The market has bounced back sharply after a brief correction, with the S&P 500 up nearly 10% since the end of March, having previously fallen nearly 10% from its peak.The recovery was boosted by expectations of easing tensions and the possible resumption of oil flows through the Strait of Hormuz, a vital route for global energy supplies.However, volatility remains as oil prices continue to fluctuate, indicating uncertainty among investors.Brent crude rose 0.2% to $94.94 a barrel, still well above pre-war levels of around $70, though down from its peak of $119 during heightened conflict concerns.Analysts said a successful outcome of US-Iran talks could limit the economic impact of the war and allow markets to refocus on corporate earnings and growth prospects. Corporate results provided additional support to equities.Bank of America rose 2.5% after reporting first-quarter profit of $8.6 billion, up 17% year-over-year and beating estimates. CEO Brian Moynihan said the bank saw signs of a “resilient US economy”, citing strong consumer spending and improved credit trends.Morgan Stanley rose 5.1% after posting better-than-expected quarterly results.In global markets, European indices remained mixed, while Asian markets closed with marginal gains. In the bond market, the yield on the 10-year US Treasury remained steady at 4.26%.
