AI boom drives a rally in buying of tech shares, pushing South Korea's Kospi to a record

News that Iranian officials were traveling to China ahead of a summit between President Donald Trump and Chinese leader Xi Jinping lifted market sentiment. That also helped ease volatility in oil prices.

South Korea's market was closed Tuesday for a holiday and on reopening gained 6.7% early Wednesday to 7,398.34.

Shares mostly rose in other Asian markets, though Tokyo trading was closed for a holiday.

Australia’s S&P/ASX 200 gained nearly 1.0% to 8,766.80 in morning trading.

Hong Kong’s Hang Seng gained 0.7% to 26,081.52, while the Shanghai Composite rose 1.0% to 4,152.68.

In energy trading, benchmark U.S. crude slipped $1.37 to $100.90 a barrel. Brent crude, the international standard, lost $1.50 to $108.37 a barrel, echoing declines Tuesday that erased the big jumps earlier in the week. The prices still remain well above their roughly $70 price before the war with Iran.

U.S. military leaders have said a ceasefire with Iran is in effect, although uncertainties clearly remain. The U.S. military is trying to force open a path in the Strait of Hormuz, which would allow oil tankers to resume shipments from the Persian Gulf.

The S&P 500 climbed 0.8% to top its prior all-time high set at the end of last week, closing at 7,259.22. The Dow Jones Industrial Average added 0.7% to 49,298.25, and the tech-heavy Nasdaq composite set its own record, rallying 1% to 25,326.13.

Reports on the U.S. economy came in mixed. One said growth for U.S. services businesses unexpectedly slowed last month, with some companies saying the war is hurting spending. A separate report said U.S. employers were advertising slightly more job openings at the end of March than economists expected, an encouraging signal for the job market.

In currency trading, the U.S. dollar inched down to 157.88 Japanese yen from 157.89 yen. The euro cost $1.1720, up from $1.1693.

AP Business Writer Stan Choe in New York contributed.