Dow Hits Record 52,031 as Oil Slides on U.S.-Iran Peace Deal Optimism
Updated
Updated · Reuters · Jun 16
Dow Hits Record 52,031 as Oil Slides on U.S.-Iran Peace Deal Optimism
3 articles · Updated · Reuters · Jun 16
Summary
The Dow rose 360.77 points, or 0.70%, to an intraday record 52,031.80, while the S&P 500 and Nasdaq added about 0.1% each.
Oil fell to nearly a three-month low after optimism over a preliminary U.S.-Iran peace deal pushed investors into economically sensitive shares and away from energy.
Financials led the rotation with a 1.1% gain; Goldman Sachs, JPMorgan and Bank of America all advanced, while the S&P energy index slipped 0.4%.
SpaceX jumped almost 9.5% after announcing a $60 billion Anysphere deal, lifting its market value above Amazon's to rank as the fifth-most valuable U.S. company.
Attention now shifts to Wednesday's first Fed decision under Kevin Warsh, with rates expected to stay at 3.50%-3.75% and traders pricing a 42% chance of a December hike.