0 months ago
Dow Jones Hits Record as Oil Falls on Iran Talk Hopes
On August 3, the Dow Jones jumped about 700 points to a new record.
The S&P 500 and Nasdaq also went up, helped by big tech companies like Amazon, Alphabet, Microsoft, and Nvidia.
Oil prices dropped because people thought the U.S. and Iran might talk.
U.S. factories are doing well, and a new company called SpaceX is trading below its launch price.
Other companies like AMD, Merck & Co., and Amgen will soon report their earnings.
Dow Jones surged nearly 700 points to a record closing high on Aug 3.
S&P 500 and Nasdaq Composite also rose, with tech giants Amazon, Alphabet, Microsoft, and Nvidia posting gains.
Oil prices fell about 5% as Trump claimed U.S.-Iran talks, while Iran denied negotiations.
U.S. manufacturing PMI hit 55.6, the fastest growth since May 2022, keeping the 10‑year bond yield near 4.7%.
SpaceX, the largest IPO, opened below its issue price, and other companies like AMD, Merck & Co., and Amgen were set to report earnings.
- Who
- US President Donald Trump and major U.S. companies
- What
- U.S. stock indices surged, oil prices fell, and manufacturing data improved
- Where
- New York Stock Exchange and U.S. markets
- When
- Monday, August 3, 2024
- Why
- Positive economic data and optimism about U.S.-Iran talks
Key facts
- Dow Jones
- Record closing high, +700 points
- S&P 500
- Gained 1.5%, near record high
- Nasdaq Composite
- Gained 1.8%
- Oil prices
- Brent and WTI fell ~5%
- Manufacturing PMI
- 55.6, fastest since May 2022
Quotes
Scott Bessen
U.S. Treasury Secretary
“The US and Iran could reach a deal to reopen the Strait of Hormuz by as early as Tuesday or Wednesday”
CNBC TV 18
Marco Rubio
U.S. Secretary of State
“The US is involved in talks between Iran and Oman, and although progress is being made, no final decision has been taken yet.”
CNBC TV 18
Sources
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