The Globe and Mail reports in its Thursday, May 7, edition that the S&P 500 and Nasdaq hit record highs on Wednesday, buoyed by signs of a Middle East conflict resolution and strong earnings from AMD. A Reuters dispatch to The Globe reports that AMD surged nearly 19 per cent to an all-time high after predicting quarterly revenue above expectations due to strong demand for its data-centre chips. Intel gained 4.5 per cent, while the PHLX chip index rallied 4.5 per cent, bringing its 2026 gain to 62 per cent. Oil prices fell after Iran said it was reviewing a U.S. proposal. Sources said Washington and Tehran were nearing a one-page memorandum to end the war, deferring complex issues like Iran's nuclear program. Brent crude futures fell about 8 per cent to $101 (U.S.) a barrel. Wall Street has surged in recent weeks, with investors looking beyond the Middle East conflict and instead focusing on a strong first-quarter earnings season that has been driven by artificial intelligence-related companies. The S&P 500 climbed 1.46 per cent to end the session at 7,365.09 points. The Nasdaq gained 2.03 per cent to 25,838.94 points, while the Dow Jones Industrial Average rose 1.24 per cent to 49,910.59 points.