The New York Stock Exchange saw a broad increase in stock prices, buoyed by easing military tensions between the U.S. and Iran and a rebound in major technology stocks. The Dow Jones Industrial Average reached a record closing high, while the S&P 500 and Nasdaq ended their five-day losing streak.
On June 29, the Dow rose by 306.63 points (0.59%) to close at 52,182.74. The S&P 500 gained 86.41 points (1.18%) to finish at 7,440.43, and the Nasdaq Composite surged by 522.53 points (2.07%) to close at 25,820.14.
Investor sentiment improved as concerns over potential conflict between the U.S. and Iran eased over the weekend. While there were worries that attacks from both sides could disrupt a ceasefire, the market focused more on the possibility of resumed negotiations and a reduction in tensions in the Strait of Hormuz.
Technology stocks, which had recently faced profit-taking pressures, also rebounded. The information technology sector of the S&P 500 rose by 1.7%, with buying interest flowing into large tech firms and artificial intelligence-related stocks. Although risks in the Middle East remain, investors were motivated to buy on dips ahead of the second-quarter earnings season.
Among individual stocks, Comcast rose 4.5% after announcing plans to spin off NBCUniversal and Sky. SpaceX surged 7.2% in anticipation of its inclusion in the Nasdaq 100 index on July 7. Alphabet gained 4.8% on its first day in the Dow index.
International oil prices increased amid ongoing uncertainties surrounding the Strait of Hormuz. Brent crude rose by 1.61% to $73.15 per barrel, while West Texas Intermediate (WTI) crude climbed 2.2% to $70.75. However, oil prices have maintained a significant decline overall for the month.
Markets are now focused on the U.S. employment report for June, set to be released on July 2. If job numbers come in stronger than expected, the likelihood of interest rate hikes by the Federal Reserve could increase. While easing tensions in the Middle East have revived interest in risk assets, concerns about interest rates and inflation remain key variables for the stock market.
* This article has been translated by AI.
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