US Stocks Surge on Iran Peace Hopes, Dow Hits Fresh Record
The US stock market experienced its best weekly rally since 2023 as hopes for a U.S.-Iran peace deal boosted risk sentiment. The S&P 500 rose 0.4%, while the Dow Jones jumped 0.6% to hit fresh record highs, and the Nasdaq gained 0.2%. This rally was driven by IPO optimism, robust corporate earnings, and a $2 billion push towards quantum computing, with IBM as the top beneficiary.
Oil prices settled modestly higher on Friday, but were off their peaks reached earlier in the week. International Brent crude futures added 0.9% to close at $103.54 per barrel, while West Texas Intermediate crude inched up about 0.3% to settle at $96.60.
Secretary of State Marco Rubio warned that any deal would be unfeasible if Iran attempts to permanently control the Strait of Hormuz by imposing tolls. However, a Qatari team flew into Tehran in coordination with the U.S. to help secure an agreement to end the conflict.