Dow, S&P 500 Close At New Record Highs, Oil Prices Fall Again

The Dow Jones Industrial Average surged over 1,000 points, eclipsing the 54,000 threshold for the first time ever.

It closed at a fresh record high of 54,194.03, up 1.91% amid geopolitical optimism and strong corporate earnings

The S&P 500 also jumped 1.79% to close at 7,737 points, its first record high in two months. That surpassed its previous closing peak set in early June.

The tech-heavy Nasdaq was also up 2.59%, but is still about 2% away from its record high set in early June as it recovers from a summer slump.

Oil prices dropped again as well, after Treasury Secretary Scott Bessent said that he thinks a deal to open the Strait of Hormuz could happen as soon as tomorrow.

Brent crude, considered to be the global oil benchmark, slid about 5.3% and settled at $79.36 per barrel, its lowest level since July 10.