The stock market has achieved a historic milestone Wednesday as the S&P 500 closed above 7,000 points for the first time in its history. The index erased all losses tied to the Iran conflict and set an all-time record.

The Nasdaq Composite also crossed 24,000. Bank of America and Morgan Stanley reported strong quarterly earnings results. Technology stocks surged, with Microsoft rising 4% and Tesla increasing over 7%.

President Trump had previously indicated that the market would experience a boom, and his comments on Wednesday bolstered investor confidence.

The rally was driven by optimism that the US-Iran ceasefire holds and a strong start to earnings season. Market participants responded to statements from President Trump signaling that peace talks could resume within days, boosting risk appetite.

The S&P 500 rose 0.8% to close at a new all-time high of 7,022.93, completing a two-week recovery from recent losses.

Additionally, Tax Day brought significant benefits for American taxpayers under President Trump’s policies. The Treasury reported that 53 million Americans claimed new tax exemptions, including no tax on tips, overtime deductions, and enhanced senior deductions. The average refund this year is $3,462, up 11% from last year.

Technology stocks led the advance, with Microsoft, Oracle, ServiceNow, and Salesforce among the notable gainers. These companies had experienced significant volatility earlier in the year but rebounded strongly as investor confidence returned.

The market’s strength was primarily fueled by hopes of a U.S.-Iran peace deal and robust performance from technology sectors.

President Trump stated that the market is “going to boom,” a prediction that has already materialized with today’s record-breaking gains.