S&P 500 Hits Record High as Dow Jumps 456 Points on Earnings, Hormuz Hopes
Updated
Updated · Quartz · Aug 5
S&P 500 Hits Record High as Dow Jumps 456 Points on Earnings, Hormuz Hopes
3 articles · Updated · Quartz · Aug 5
Summary
The S&P 500 set a fresh all-time intraday high on Wednesday, extending a broad U.S. stock rally led by upbeat corporate results and easing concern over Gulf shipping disruption.
Better-than-expected earnings across companies helped lift risk appetite, while hopes for progress on reopening the Strait of Hormuz added to the market's positive tone.
The Dow Jones Industrial Average also reached a record, climbing 456 points, or 0.84%, while the Nasdaq Composite gained 0.4%.
The move suggests investors are looking past recent geopolitical strain and refocusing on profit growth and the potential normalization of a key global oil transit route.