Dow Hits Record High as Yen Falls on Coordinated Intervention

The Dow Jones Industrial Average notched a record high close on Monday, driven by solid manufacturing data and optimism around earnings and U.S.-Iran peace hopes. The yen slumped to a three-month low after a historic bout of coordinated U.S.-Japanese intervention.

Japan spent nearly $100 billion over 48 hours last week in foreign exchange intervention to support the yen, with almost $36.6 billion on Friday alone. This follows previous interventions totaling around $310 billion over the past four years.

The S&P 500 rebounded to within 0.5% of its record high, and investors are putting recent market wobbles aside in favor of a bullish earnings picture. The LSEG I/B/E/S Q2 annual consensus U.S. earnings growth forecast is now running at an astonishing 47.7%, virtually double what it was just a month ago.