The S&P 500 and Nasdaq Composite both closed Wednesday with record highs despite an ongoing conflict in the Middle East that caused concern in the stock market at the start of the conflict. 

The S&P 500 closed with a gain of 0.80%, ending at 7,022.95, and the Nasdaq Composite gained 1.59% to close with 24,016.02. The Dow Jones Industrial Average lost 72.27 points, or 0.15%, to close at 48,463.72, according to CNBC.

The S&P 500 has now gained 3% this week and the Nasdaq has increased nearly 5% so far. The numbers mean the S&P 500 has fully recovered from the losses it suffered as a result of the Iran conflict. 

The record highs come as the United States and Iran engage in peace negotiations this week. The progress toward ending the regional conflict has also caused oil prices to drop. 

The U.S. benchmark price of oil surged to $112 per barrel last week prior to Trump announcing a two-week ceasefire with Iran. Once announced, the West Texas Intermediate price fell below $100. It continued to fall Wednesday, settling around $91 per barrel. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.