Stock Market Update

[BRIEFING.COM] With the three-day Memorial Day weekend calling, participation today may be thinner than usual, but that hasn't stopped the stock market from conducting business as usual—at least, as usual since the end of March.

Stocks started higher, dipped, and then saw that dip get bought in a manner that led to new session highs. The latter was reached a short time ago, with the S&P 500 climbing to 7,506.32.

That move was attributed, in part, to a social media post from Sky News Arabia in which it said "sources" have told it that "negotiations in Tehran have reached an understanding on broad lines regarding the nuclear file." This news has yet to be confirmed by a U.S. news organization, which may explain why there hasn't been a stronger reaction to it.

In any case, the stock market has been on watch for a more permanent peace deal since the temporary ceasefire was agreed to on April 7. That deal remains elusive, yet there is a "peace put" under the market that has helped sustain the monstrous rally that has unfolded since the end of March. It is somewhat telling that the CBOE Volatility Index is down 1.0% to 16.59 in front of the extended weekend. That is, there isn't much hedging guarding against the risk of something bad happening.

Separately, it was announced earlier by Tulsi Gabbard, Director of National Intelligence, that she will be resigning her position to be with her husband, who has recently been diagnosed with a rare form of bone cancer.