New york: The S and P 500 achieved a new all-time intraday high on Wednesday, climbing 0.6% in afternoon trading to reach 7,009.86 by 6:13 pm GMT. This surge came as investors speculated that a potential resolution to the Iran war could bolster risk appetite and continue Wall Street's recent rally.

According to Anadolu Agency, the benchmark index surpassed its previous intraday record of 7,002.28, which was set on January 28. A close above 6,978.60 would signal a new record high for the index. The market's upward movement followed statements from US President Donald Trump suggesting that diplomatic talks with Iran might resume soon, despite the recent collapse of negotiations in Pakistan.

In the broader market, other major indexes showed mixed results during afternoon trading. The Nasdaq Composite increased by 1.1%, positioning it for an 11th consecutive gain, while the Dow Jones Industrial Average dropped by 139 points, or 0.3%. If maintained, Wednesday's performance would result in the S and P 500 recording gains in 10 of the past 11 sessions.

US stock markets initially experienced a sharp sell-off following the outbreak of the Iran war on February 28, when the US and Israel launched attacks against Iran. The conflict led to a surge in oil prices, raising concerns among investors about potential increases in energy costs and their impact on inflation and interest rates. The S and P 500 saw a decline of up to 9% after hostilities began, with the Nasdaq and Dow both entering correction territory.