- S&P 500 and Dow Jones hit record highs at opening bell on Wednesday despite chip stock sell-offs
- US Treasury Secretary announced progress in talks with Iran and Oman on Strait of Hormuz passage
- S&P 500 closed above 7,700 for the first time after a 1.79% surge in the previous session
S&P 500 and Dow Jones Industrial Average hit fresh records at the opening bell on Wednesday while Nasdaq continuned to surge, despite chip stocks witnessing sell-offs. Positive investor sentiment translated to a rally of the indices after US Treasury Secretary Scott Bessent said Washington made headway in negotiations with Iran and Oman to permit more ships to cross the vital Strait of Hormuz.
Bessent had earlier announced the US was engaged in discussions with Iran over reopening Hormuz. This announcement had led to the Wall Street ending Tuesday with a massive, record-breaking surge. The S&P 500 had jumped 1.79% to close above 7,700 (at 7,736.52) for the first time, the Dow Jones Industrial Average surged 907.47 points (1.71%) to 54,085.88, and the Nasdaq Composite climbed 2.59% to finish at 26,584.99.
The Dow Jones Industrial Average climbed 511.03 points, or 0.94%, to 54,596.91, The S&P 500 gained 51.59 points, or 0.67%, to 7,788.11 while the Nasdaq Composite advanced 138.66 points, or 0.52%, to 26,723.65 earlier in the session.
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As the US markets opened, the S&P 500 rose 0.6% and the Dow Jones Industrial Average rose 0.7% while Nasdaq 100 saw a 0.4% uptick, the Dollar Spot Index Fell 0.2%. The zero-year treasury yield rose 1 Bps to 4.91%. The WTI (West Texas Intermediate) crude was majorly unchanged at $75.7/Bbl. Spot gold rose 2.9% to around $4,196.98/oz. Bitcoin fell 0.3% to around $64,073.8, when US markets commenced operations for the day.
Billionaire Elon Musk's company SpaceX fell 12%, erasing $205 billion in market value when US markets opened for trade.
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