Stocks Near Records Amid Hopes for US-Iran Agreement
US stocks remained near record levels on Wednesday despite mixed trading, with investors awaiting an agreement regarding Iran. The S&P 500 index spent most of the day higher after surging to a record on Tuesday but ultimately fell 12.97 points, or 0.2%, to close at 7,723.55.
The Dow Jones industrial Average rose 263.24 points, or 0.5%, to 54,349.12, reaching another record. The Nasdaq fell 221.55 points, or 0.8%, to 26,363.44 due in part to a 4% drop for Google's parent company Alphabet and a 1.1% drop for Microsoft.
Several companies reported strong earnings, including The Walt Disney Co., which rose 3.6% after easily beating Wall Street's profit forecasts. Booking Holdings jumped 6.6% following its own strong quarterly report. However, Elon Musk's SpaceX fell 13.6% after releasing its first quarterly report as a public company.
The US-Iran conflict continues to impact markets, with President Donald Trump stating that a deal to reopen the Strait of Hormuz could come as early as Wednesday. Oil prices have been swinging for months and were as high as $102 per barrel at one point during the conflict.