Stocks
Stocks Soar to Records on US-Iran Deal Hopes
US stocks surged to fresh records on Tuesday as Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached within days. The Dow Jones Industrial Average and S&P 500 broke through to new highs, with the Dow rising by over 900 points in afternoon trading.
The news sent oil prices tumbling further, with Brent crude falling below $80 a barrel for the second day in a row. West Texas Intermediate crude also dropped 5% to trade around $75 a barrel.
Major indexes soared, with the Nasdaq 100 climbing nearly 3% by midday as investors piled into AI and chip names. The hyperscalers were a particular area of focus, with Amazon dipping 2% despite notching a record valuation of over $3 trillion.