US Stocks Rally Third Straight Day Amid US-Iran Negotiations

The US stock market rallied for its third consecutive day in August, with all three major indices closing higher. The Dow Jones Industrial Average hit a new record high, rising 1.32% to 53,178.41, while the Nasdaq Composite gained 2.13% to 25,913.90 and the S&P 500 climbed 1.48% to 7,600.50.

The Big Seven Tech Companies saw mixed results, with Amazon leading the gains after its market capitalization surpassed $3 trillion for the first time. The company's stock rose 4.6%, while Meta gained 6%. Apple, on the other hand, fell 9% over the two days following its earnings report.

The US Treasury prices rebounded, with 10-year and 30-year yields pulling back from their highest levels in over a year and their highest levels since 2007. The US Dollar Index edged higher after hitting new lows for three consecutive days, while Bitcoin surged to $64,000 during the session.

Crude oil prices fell more than 7% at one point during the session due to expectations of US-Iran negotiations, closing at a three-week low. Gold's rebound failed to gain traction and closed lower for the second consecutive day.