Wall Street: S&P 500, Nasdaq Retreat as Rally Momentum Begins to Fade

WALL STREET - NEW YORK. The S&P 500 and the Nasdaq Composite hit intraday record highs before retreating on Thursday as investors weighed the latest developments in the Middle East conflict alongside a wave of earnings reports.

Although no agreement to end hostilities involving Iran has been reached, hopes of diplomatic progress have lifted sentiment this week. Some analysts, however, say more concrete evidence of peace may be needed to sustain the momentum.