NEW YORK: Major Wall Street indices closed at fresh records as markets cheered the latest batch of earnings reports and US and Iranian officials headed to Pakistan for expected peace talks.

Both the S&P 500 and Nasdaq powered to all-time highs, bolstered in part by the market’s euphoric response to results from Intel. The chip company surged 23.6 per cent.

Earnings strength “is a driver that is hard to ignore and is a key behind the market’s resilience,” said Angelo Kourkafas from Edward Jones.

Profit margin growth thus far for S&P 500 companies is 13.4 per cent for the first quarter year over year, according to an earnings insight note from Factset. 

If that holds through to the end of quarter, it will be a record since the investment platform began tracking the benchmark in 2009, Factset said.

Markets also greeted signs that Washington and Tehran are set to resume direct talks.

Iranian Foreign Minister Abbas Araqchi arrived in Islamabad on Friday (Apr 24), Pakistan’s foreign ministry said, announcing plans to meet with Pakistan’s senior leadership. Iranian officials made no mention of new talks with US representatives.

But White House Press Secretary Karoline Leavitt said Trump emissaries Steve Witkoff and Jared Kushner would head to Pakistan on Saturday “to engage in talks … with representatives from the Iranian delegation”.

“The Iranians reached out, as the president called on them to do, and asked for this in-person conversation,” she said, adding that the conversations would “hopefully move the ball forward towards a deal.”