May 7 (Reuters) - The S&P 500 and the Nasdaq touched

record highs on Thursday as oil prices plunged further on hopes

of a U.S.-Iran peace agreement that could potentially normalize

crude supplies through the Strait of Hormuz.

At 09:30 a.m. ET, the Dow Jones Industrial Average

rose 192.59 points, or 0.39%, to 50,091.92, the S&P 500

rose 6.38 points, or 0.09%, to 7,374.11 and the Nasdaq Composite

rose 40.33 points, or 0.16%, to 25,879.28

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shinjini

Ganguli)