The S&P 500 notched a record closing high of 7,022.95 on April 15, up 0.80% amid a two-week rally that erased year-to-date losses following the U.S.-brokered ceasefire between Iran, Israel, and the U.S., which eased geopolitical risk premiums and boosted risk appetite. The index climbed nearly 3% over the past week, supported by resilient Q1 earnings growth estimates of 17% for 2026 and historically strong April seasonality, where it advances 80% of the time over two decades. Traders monitor Thursday's initial jobless claims and S&P flash services PMI for labor market signals ahead of the FOMC meeting on April 28-29, where steady rates are anticipated amid moderating inflation pressures. Volatility remains subdued, with the index hovering near its intraday peak of 7,026.24.