The S&P 500 Index is on track to close at an all-time high on Thursday as tariff and geopolitical concerns dissipate — capping a stunning recovery that has added almost $10 trillion to US stocks which were on the cusp of a bear market just two months ago.

The fragile ceasefire imposed by President Donald Trump between Israel and Iran appears to be holding. After last week’s seemingly devastating American strike against three Iranian nuclear facilities, the war may indeed be over, but the short road to peace was nonetheless rocky and the future remains uncertain.

Reports said Mr Trump had first secured Israel’s agreement to the ceasefire, then sent the proposal to Iran via Qatari intermediaries. Mr Trump said Iran would halt hostilities first, followed by Israel 12 hours later.

The Central Intelligence Agency said U.S. strikes had severely damaged Iran’s nuclear program, wading into the debate about the true impact of from U.S. action over the weekend.Defense Secretary Pete Hegseth said that a probe has been launched into how a preliminary assessment that said little damage had been done became public.