Wall Street rallies toward an all-time high

The U.S. stock market is inching closer to a record-breaking high on Tuesday. The S&P 500 has been gaining ground, edging 0.8 percent higher and poised to surpass its peak reached in August. Despite lingering concerns over war, inflation, and mounting pressure from the bond market, the core of many retirement savings plans has surged by nearly 24 percent since bottoming out late last year.

As of noon Eastern time, the Dow Jones Industrial Average has climbed 343 points, or 0.7 percent, while the Nasdaq composite added 0.8 percent to its own all-time high from the previous day. These record-high stock prices are providing a morale boost to investors, even as many Americans grapple with a growing sense of discouragement about keeping pace with the rapidly escalating cost of living.

The fears that led the U.S. stock market to its nadir in March, ignited by the Iran conflict, have regrettably materialized once again. The surge in oil prices has exacerbated inflation, prompting a rise in yields across global bond markets, which could, in turn, impede economic growth.