Stocks hover near record highs as Strait of Hormuz deal looms

The US stock market experienced a mixed finish on Wall Street Wednesday, remaining close to its records. The S&P 500 index fell 12.97 points or 0.2% to close at 7,723.55 after surging to a record on Tuesday.

According to Mark Hackett, chief market strategist at Nationwide, 'The coiled spring investors have been waiting for has finally released, with the S&P 500 Index surging to record highs for the first time in two months.'

The Dow Jones industrial Average rose 263.24 points or 0.5% to 54,349.12, reaching another record.

Oil prices stabilized as uncertainty about the direction of the US war with Iran continues to hang over the market. President Donald Trump said a deal to reopen the Strait of Hormuz could come as early as Wednesday.