Wall Street hits record highs as US-Iran peace hopes lift markets despite fuel cost worries

Wall Street is set to close the week positively, with the Dow Jones reaching a record high amid hopes for a US-Iran peace deal. Despite volatile trading and rising bond yields earlier in the week, US stocks recovered strongly. Meanwhile, oil prices remain high due to concerns over Iran's enriched uranium plans. In corporate news, luxury group Richemont reported strong sales and launched a buyback program, while Estée Lauder ended merger talks with Spanish rival Puig. Chinese airlines face challenges from rising jet fuel costs, impacting their stock performance.