Dow Soars 1,000 Points on Strong Corporate Earnings and Hopes of Iran Deal
Communication Services led the rally as Meta rose 6.5% and Alphabet gained 4.1%, while the S&P 500 and Nasdaq 100 each climbed 1.3%.
- On Monday, the Dow Industrials reached a record high as Meta Platforms Inc. and Alphabet Inc. propelled the Communication Services Select Sector SPDR Fund to a 3.1% gain.
- De-Escalating U.S.-Iran tensions pulled crude prices down about 5%, while lowered Treasury yields fostered stronger market sentiment at the start of August.
- Major indices rallied broadly, with the Dow Industrials rising 1.32%, the S&P 500 gaining 1.48%, and the Nasdaq Composite adding 2.13%; advancing issues outnumbered decliners by 2.62-to-1 on the NYSE.
- Earnings have been strong this quarter, showing a 29.3% growth rate, with 85.2% of companies topping analyst expectations through Friday, according to LSEG data.
- Markets are pricing in a 66.5% chance for a rate hike of at least 25 basis points at the Federal Reserve's September meeting, according to CME FedWatch.
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With a double record from the Dow and S&P 500, the market celebrated the good news from the Middle East, the fall in oil prices and strong corporate results - Intense buying interest in microchips
Already at a record high the previous day, the Dow Jones Industrial Average rose 1.71% to 54,085.88 points. The broader S&P 500 gained 1.79% to 7,736.52 points, surpassing its previous record from early June, and the Nasdaq Composite jumped 2.59%. "Today's session perfectly illustrates how markets react when a member of this (US) administration makes a statement regarding the Strait of Hormuz," commented Art Hogan, an analyst at the wealth manag…
US stock markets closed strongly positive in anticipation of figures from companies including SpaceX, which will be published after the market closes. The S&P gained 1.7 percent, the Dow Jones Industrial Average 1.9 percent, and the Nasdaq 3.6 percent. With this, we close the stock market blog. News about SpaceX will appear online as soon as it is available.
US stocks rush toward records, and Dow soars 1,000 as profits keep piling up and oil prices ease - Boston News, Weather, Sports
NEW YORK (AP) — The U.S. stock market is rushing toward records on Tuesday as profits keep piling up for companies and as oil prices ease. The S&P 500...
Dow jumps nearly 1,000 points as AI earnings fuel historic rally | Honolulu Star-Advertiser
NEW YORK >> The S&P 500 and the Dow scaled to fresh intraday records today, powered by the latest batch of earnings from artificial intelligence-related companies such as Caterpillar and Palantir that assuaged demand concerns, while crude prices and Treasury yields dropped on hopes for a deal in the Iran war.
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