US stocks held close to record levels on Wednesday as investors paused following two days of strong gains driven by easing geopolitical tensions and a steep fall in crude oil prices, the Associated Press reported.The S&P 500 rose 0.3%, while the Nasdaq climbed 0.6% as cryptocurrency-linked stocks rallied. The Dow Jones Industrial Average slipped by 18 points, reflecting a mixed session. According to AP, Bitcoin’s continued surge lifted investor risk appetite across asset classes.Oil prices rebounded slightly after plunging nearly $10 per barrel earlier this week on relief that the fragile truce between Israel and Iran would hold. US crude edged up to $64.97, while Brent crude stabilised at $66.65 a barrel.The pullback in energy prices has bolstered expectations that the US Federal Reserve may gain room to cut interest rates later this year. However, Fed Chair Jerome Powell said on Tuesday the central bank would remain patient and data-dependent before making any policy changes.“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in his testimony before the House Financial Services Committee, as quoted by AP.While President Donald Trump continues to urge immediate rate cuts, the Fed’s cautious tone kept rate expectations steady.Electric vehicle shares advanced after a federal judge ordered the release of delayed EV infrastructure funding across more than a dozen US states. Tesla rose 0.7%, while Rivian gained 0.4%, AP said.In corporate earnings, FedEx fell over 5% despite beating quarterly profit expectations. The company issued weak first-quarter guidance and declined to provide a full-year forecast, citing persistent macroeconomic uncertainty.European markets traded lower by midday, with Germany’s DAX down 0.5%, France’s CAC 40 losing 0.4%, and the UK’s FTSE 100 remaining flat.Asian markets saw broader gains. Hong Kong’s Hang Seng rose 1.2%, the Shanghai Composite gained 1%, and Japan’s Nikkei advanced 0.4%. India’s Sensex was up 0.8%, and Taiwan’s Taiex climbed 1.1%.In currency markets, the US dollar strengthened to 145.75 yen from 144.93, while the euro slipped to $1.1607.Frances Lun, CEO of GEO Securities in Hong Kong, told AP, “The world can now move on to face other difficult choices like tariffs and things like that. So I think the market is well on its way to rebound and could again reach new levels.”