50,063.46 marked the Dow’s close on Thursday, up 370 points, while the S&P 500 gained 0.7% and the Nasdaq added 0.8%.
Investors looked past hotter inflation and stalled diplomacy over the Iran war, instead focusing on Trump’s meeting with Xi Jinping and signs the conflict’s economic damage has been milder than feared.
Oil prices edged higher as Iran’s effective closure of the Strait of Hormuz kept pressure on U.S. gasoline costs, helping push annual inflation to a three-year high after a second straight monthly increase.
Corporate earnings and resilient economic data also supported sentiment: April hiring topped expectations, unemployment held at 4.3%, and first-quarter GDP growth accelerated to 2% from 0.5%.
The close put the Dow back above the 50,000 threshold it first breached in February and within about 55 points of a record finish.
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