Dow Posts Fresh Record Close as Oil Retreats on Iran Truce Optimism
The Dow Jones Industrial Average closed at a new record on Wednesday as oil prices pulled back, while the S&P 500 was little changed as chip stocks capped broader gains. The 30-stock Dow added 182 points, or 0.36%, while the S&P 500 edged up 0.02%. The Nasdaq Composite also rose slightly, up 0.07%.
Lower oil prices helped support the Dow. US crude fell about 5% to around $88 a barrel after Iranian state media said Tehran is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month, Reuters reported. The White House, however, rejected the Iranian media report as a “complete fabrication.”
Meanwhile, the recent rally in semiconductor stocks lost momentum on Wednesday. Micron Technology—after surging more than 19% on Tuesday and crossing a $1 trillion market value for the first time—came off its intraday highs but was still up around 3%. Other chipmakers moved lower, with Intel and Qualcomm in the red, down 2% and 7%, respectively, after both posted strong gains in the prior session.
Source : Newsmaker.id
