Stocks Near Records as US-Iran Conflict Talks Stall
US stocks closed near record highs on Wednesday after a mixed day of trading. The S&P 500 index slipped 12.97 points, or 0.2%, to close at 7,723.55, following two days of big gains that propelled the week and August to strong starts.
The Dow Jones industrial Average rose 263.24 points, or 0.5%, to 54,349.12, reaching another record high. The Nasdaq fell 221.55 points, or 0.8%, to 26,363.44, weighed down by technology companies losing ground.
Google's parent company, Alphabet, dropped 4% and Microsoft fell 1.1%. However, Disney rose 3.6% after easily beating Wall Street's profit forecasts, thanks to a $1 billion box office haul from 'Toy Story 5' and theme park revenue.
Treasury yields slipped in the bond market, with the yield on the 10-year Treasury falling to 4.61% from 4.63%. European markets were mixed, but overall, strong corporate profits and expectations for growth have been driving stocks higher.
Oil prices stabilized, despite uncertainty over the direction of the US-Iran conflict. President Trump said a deal to reopen the Strait of Hormuz could come as early as Wednesday, which would help alleviate global supply concerns.