The S&P 500 surged on Wednesday, rising 1.05% to close at a record 7,137.90, as easing geopolitical fears and strong earnings lifted market sentiment. Why That Number Matters Wednesday's rally pushed the S&P 500 to fresh all-time highs, extending a run driven by optimism around a ceasefire extension between the U.S. and Iran and a solid start to earnings season. However, geopolitical tensions remain unresolved.