Dow Surges to Record High as Oil Prices Fall and Tech Earnings Boost Market
Wall Street indices surged on Monday as the Dow Jones Industrial Average hit a record high of 53,178. The gains were driven by falling oil prices and strong tech earnings, despite prevailing caution over the massive selloff in AI stocks.
The Dow gained more than 1%, while the Nasdaq soared over 2% and the S&P 500 rose 1.5%. Boeing shares rallied more than 8%, while Microsoft, Google-parent Alphabet, and Amazon shares surged around 5% to lead gains on the Dow Jones.
The sharp drop in oil prices followed US President Donald Trump's statement that he has decided to postpone new strikes against Iran at the urging of allies in the region. This led to a decline in oil prices and subsequently pushed US treasury yields down, with the yield on benchmark 10-year notes falling 6.13 basis points to 4.684%.
Robust quarterly earnings also supported the gains on Wall Street, particularly Amazon's market cap surpassing $3 trillion for the first time ever after its earnings results last week.