Dow Soars to New High Amid Oil Price Plunge
The US stock market continued its upward trend on Monday, with all three major indices posting gains despite oil prices plummeting. The Dow Jones Industrial Average hit a fresh record high, rising 1.3% to 53,178.41. This comes after US President Donald Trump's comments that negotiations with Iran were ongoing, despite Tehran's denials.
Crude futures fell over four percent as markets seemed to brush off Iran's claims of no negotiations. The drop in oil prices translated into a strong day for stocks on Wall Street. Angelo Kourkafas of Edward Jones attributed the gains to 'geopolitical developments' and 'strong corporate earnings', which supported the stock market.
Amazon reached a valuation of $3 trillion for the first time, while most large US tech companies saw advances. However, Asian markets were under pressure due to concerns over investment in artificial intelligence. The yen gained against the dollar after authorities confirmed buying Japan's currency on the open market.