Mumbai, April 16 -- The U.S. stock market hit a record Wednesday after adding to its two-week rally built on hopes the war with Iran won't create a worst-case scenario for the global economy. The S&P 500 rose 0.8% and eclipsed its prior all-time high set in January. The Dow Jones Industrial Average dipped 72 points (0.1%) while the Nasdaq composite gained 1.6%.

The price for a barrel of Brent crude, the international standard, added 0.1% to settle at $94.93. That's still well above its roughly $70 price from before the war, though it's down from its $119 peak when worries about the fighting have been at their heights.

Much of the stock rally stems from expectations of calming war tensions and resuming full oil flows from the Persian Gul...