The S&P 500 and Nasdaq Composite both achieved record closing highs on Thursday, with the S&P 500 rising 16.63 points (0.24%) to 7,040.09 points and the Nasdaq gaining 80.98 points (0.34%) to 24,097.00 points. This surge is attributed to optimism surrounding a temporary ceasefire between Israel and Lebanon, alongside potential diplomatic discussions between the U.S. and Iran. However, trading was volatile, as President Donald Trump announced a 10-day ceasefire and indicated Iran's willingness to refrain from developing nuclear weapons for over 20 years. Analysts noted that while the ceasefire has lifted market sentiment, clearer signs of peace are necessary for sustained momentum. Mixed economic indicators, including a drop in new unemployment benefit applications, suggest a stable labor market but also highlight employer caution due to ongoing geopolitical tensions. As corporate earnings season progresses, stocks are expected to react more independently based on individual performance, with companies like PepsiCo reporting positive results while others like Abbott faced declines.