US Stocks Rise, Dow Hits New Record as Iran Negotiations Optimism Grows
US stocks closed higher on Thursday (May 22) after a volatile session, boosted by growing hopes for a possible deal between the US and Iran to end the conflict, which pressured oil prices for a third straight day. The S&P 500 rose 0.2%, the Nasdaq inched up 0.1%, while the Dow Jones Industrial Average jumped 276 points to an all-time high.
Iran stated that the latest US proposal had narrowed some of the differences between the two sides, while US Secretary of State Marco Rubio highlighted “positive signs” regarding the possibility of a deal. The decline in oil prices supported broad market sentiment.
The utilities sector led the gains, followed by consumer discretionary and materials, while consumer staples and energy lagged. On the corporate side, NVIDIA shares fell 1.8% despite beating earnings expectations, and Walmart fell more than 7% after warning of the impact of high fuel costs. Conversely, Apple rose 0.9%, Amazon 1.3%, and Eli Lilly 2.2%.
Variables to monitor: developments in US-Iran negotiations, global oil prices, corporate earnings reports, and market sentiment regarding energy costs.
Source: Newsmaker.id