NEW YORK: The Dow closed at a record on Wednesday on signs of progress for a peace deal with Iran, while the Nasdaq saw its first decline in five sessions as SpaceX and AMD stumbled following their quarterly earnings.
A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters, in one of the biggest concessions yet to Iran.
Stocks rallied to start the week, with the Dow and S&P 500 closing at records on Tuesday, as oil prices and US Treasury yields dropped on hopes peace talks could lead to a deal, easing inflation pressures and lowering expectations for a rate hike from the Federal Reserve. The S&P recorded a slight decline on Wednesday.
"It's just a straight rocket shot that we've gone up, we didn't even take a breath," said Kenny Polcari, chief market strategist at Slatestone Wealth in Jupiter, Florida.
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