US stocks hit record high, post strongest monthly gains since 2020

US stocks rose on Thursday, ending the final session of April at fresh record highs and posting their strongest monthly gains since 2020. Investors remained optimistic about the momentum of the earnings season while looking past concerns over potential military escalation between the US and Iran.

The Dow Jones Industrial Average rose 1.62%, or 790 points, to 49,652, recording monthly gains of 7.14%.

The S&P 500 advanced 1%, or 73 points, to 7,209, marking a new record close and bringing its April gains to 10.42%, its best monthly performance since 2020.

The Nasdaq Composite climbed 0.89%, or 219 points, to 24,892, also setting a record close and posting monthly gains of 15.29%.

In Europe, the STOXX Europe 600 index rose 1.38% to 611 points, ending April with gains of 4.82%.

The FTSE 100 Index rose 1.62% to 10,378 points, Germany’s DAX gained 1.41% to 24,292 points, and France’s CAC 40 added 0.53% to 8,114 points.

After Tokyo markets reopened following a public holiday, Japan’s Nikkei 225 fell 1% to 59,284 points, while the broader Topix index declined 1.19% to 3,727 points.

In commodities, Brent crude futures for June delivery — which expired today — fell 3.41%, or $4.02, to settle at $114.01 per barrel, posting a monthly decline of 3.66% after touching their highest level since March 9, 2022, at $126.41.

US WTI crude futures for June delivery declined 1.69%, or $1.81, to $105.07 per barrel, though they still recorded monthly gains of 3.64%.

Meanwhile, June gold futures rose 1.50%, or $68.10, to settle at $4,629.60 per ounce, narrowing monthly losses to 1%.

Wall Street was supported by stronger-than-expected earnings from several major technology companies and Caterpillar, alongside declining oil prices as markets assessed the military situation in the Middle East.