US Stocks Near Records as Iran Deal Hopes Boost Market
US stocks held near record levels on Wednesday, driven by hopes of an agreement with Iran. The S&P 500 index fell 12.97 points to close at 7,723.55, but remained within striking distance of its all-time high.
The Dow Jones industrial Average rose 263.24 points to reach another record of 54,349.12. However, the Nasdaq fell 221.55 points to 26,363.44 due to losses from big tech companies like Alphabet and Microsoft.
Several companies, including Disney and Booking Holdings, reported strong earnings that helped boost the market. Disney's 3.6% gain was driven by a $1 billion box office haul from 'Toy Story 5' and theme park revenue.
The uncertainty surrounding the US-Iran conflict continues to hang over the market, but oil prices held steady at $79.45 a barrel after President Trump hinted at a possible deal to reopen the Strait of Hormuz.