Wall Street Stocks Hold Near Records Amid US-Iran Conflict Uncertainty

Stocks on Wall Street continued their mixed trading Wednesday, remaining close to record highs. The S&P 500 index slipped 0.2% to close at 7,723.55 after reaching a new high on Tuesday. Meanwhile, the Dow Jones industrial Average rose 0.5% to reach another record, while the Nasdaq fell 0.8%. Several big technology companies slumped, weighing down the market.

The strong corporate profits and expectations for more growth ahead have been steering stocks higher. However, there are concerns about stock prices becoming unjustifiably high, especially within the technology sector. Profit growth, particularly for chipmakers like Nvidia, could help justify some of the big investments in artificial intelligence.

Uncertainty surrounding the direction of the U.S. war with Iran continues to hang over the market. President Donald Trump's statement that a deal to reopen the Strait of Hormuz could come as early as Wednesday added to the uncertainty. Oil prices held steady, with Brent crude at $79.45 a barrel.