US Stocks Soar on Hopes of De-Escalation in Middle East
US stocks jumped on Monday, as hopes of de-escalation in the Middle East led to a drop in oil prices. The Dow Jones Industrial Average hit a new record high, while the S&P 500 reached its highest level since early June.
The Dow gained 1.34% to reach 53,178.41, surpassing an earlier record of 53,055.91 set on July 6. Meanwhile, the S&P 500 finished 1.5% higher at 7,600.50, its highest close since June 2.
Chip stocks bounced back from earlier losses, with Intel, Micron Technology, Broadcom, and Nvidia all finishing in positive territory. Software stocks also saw gains, including Salesforce, Microsoft, and Adobe.
The falling oil price eased fuel cost concerns, leading to strong performances from travel stocks such as American Airlines and United Airlines. Additionally, cruise operators Carnival and Norwegian rose on the news.