S&P 500 sets record as Iran nuclear talks stall

The S&P 500 closed at a record high as talks over an Iran nuclear agreement stalled, with equity markets looking past the geopolitical impasse. The stalemate keeps attention on the Strait of Hormuz, the chokepoint for a large share of seaborne crude and LNG. Commentary in the market has linked this year's energy sector rally, including a roughly 40% move in the energy complex, to the risk premium attached to shipping through the strait, and to the question of whether U.S. resolve to keep it open will be tested. Stock futures pointed to a quiet start to the new week following the record close.