-- The Nasdaq Composite and the S&P 500 reached new peaks Thursday amid growing hopes for a resolution to the Middle East conflict.
The Nasdaq rose 0.4% to 24,102.7, while the S&P 500 climbed 0.3% to 7,041.3, both notching record closing highs for a second consecutive day. The Nasdaq extended its winning streak to 12 days in a row.
The Dow Jones Industrial Average added 0.2% to 48,578.7.
Most sectors ended in the green, led by energy, while health care saw the biggest drop.
US President Donald Trump said Thursday that Lebanon and Israel agreed to a 10-day ceasefire.
Trump said in a social media post that he will invite Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun to the White House for "meaningful talks."
"Both sides want to see peace, and I believe that will happen, quickly," he wrote.
The ceasefire seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon, a key sticking point in peace negotiations between the US and Tehran.
West Texas Intermediate crude oil was up 2.4% at $93.50 a barrel in Thursday late-afternoon trade, while Brent advanced 3.4% to $98.19.
"Oil is up over doubts that the Strait of Hormuz disruption will ease soon," D.A. Davidson said in a report.
US Treasury yields were higher, with the 10-year rate up 2.6 basis points at 4.31% and the two-year rate rising 1.6 basis points to 3.79%.
In company news, IBM (IBM) shares rose 2.5%, the third-top gainer on the Dow. The tech giant will likely exceed Wall Street's estimates for the first quarter and raise its revenue guide amid momentum in the software segment and an earlier completion of the Confluent acquisition, Oppenheimer said in a note. IBM is scheduled to announce its quarterly results next week.
Charles Schwab (SCHW) shares dropped 7.6%, the steepest decline on the S&P 500. The financial services provider's first-quarter results rose year over year amid a surge in client assets, though revenue fell short of the Street's estimates.
Abbott Laboratories (ABT) followed Charles Schwab on the S&P 500, down 6%. The healthcare company lowered its full-year earnings outlook to reflect the acquisition of cancer diagnostics firm Exact Sciences.
PepsiCo (PEP) reported higher-than-expected fiscal first-quarter results amid affordability initiatives, while the beverage and snacks company reiterated its full-year outlook. Its shares rose 2.3%.
In economic news, US industrial production unexpectedly decreased in March, Federal Reserve data showed.
It's too soon to blame the Middle East conflict for the drop, which was driven by "sharply falling" output in the mining and utilities sectors, Oxford Economics said in a note.
Gold was last down 0.2% at $4,813.70 per troy ounce, while silver fell 1.2% to $78.68 per ounce.