Dow Surges Past Records as Oil Prices Plummet on Hormuz Hopes

The Dow Jones Industrial Average (DJIA) reached an all-time high on Tuesday as oil prices continued to decline.

Brent crude, the global oil benchmark, fell by nearly 5% on the day, with Treasury Secretary Scott Bessent's comment that the US and Iran could reach a deal to reopen the Strait of Hormuz 'today or tomorrow' contributing to the drop in oil prices.

However, this news was not enough to dampen the spirits of investors, who drove the DJIA up by 1.79% at the time of writing.

The index's gains were led by big tech stocks such as Microsoft (MSFT), Nvidia (NVDA), and Apple (AAPL), while Caterpillar (CAT) and Goldman Sachs (GS) also posted notable gains, with CAT being the top-performing stock in the Dow Jones after reporting second-quarter sales of $20.5 billion.