NEW YORK CITY — The S&P 500 breached the 7,000-point level for the first time, climbing 0.8% to finish at 7,022.95 in New York trading. The Nasdaq composite rose 1.6% to close at 24,016.02, also reaching a record high.

The rally followed a two-week ceasefire deal between the United States and Iran announced last week. Since the announcement, the S&P 500 has risen steadily, erasing the losses the index incurred during the early days of the conflict. The Dow Jones industrial average did not change during the session.

The ceasefire is set to end on April 22. A White House spokesperson said the administration had not requested an extension to the agreement but that talks between the two sides had been productive and ongoing.

President Donald Trump said the war was very close to over. "We'll see what happens, I think they want to make a deal very badly," Trump said.

Oil markets also shifted after the ceasefire announcement. Brent crude oil dropped 10% following the deal and was trading at around $95 a barrel. Despite the decline, oil prices remained about 35% higher than they were before the conflict began.

Strong corporate earnings results contributed to the positive session on Wall Street. Bank of America and Morgan Stanley both reported quarterly earnings that beat trading estimates. Bank of America CEO Brian Moynihan pointed to broad strength in the U.S. economy when discussing his bank's performance.

"The consumers are spending, the credit quality is very good and improving, and you see the corporate clients actually use their lines a little bit more. We all face that same uncertainty, but right now, the US companies and consumers are doing well, and frankly, our global companies are doing pretty well," Moynihan said.