Dow closes at record high as oil and gold fluctuate on Iran-US negotiation news

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The Dow Jones Industrial Average closed at an all-time high on Wednesday, August 5, buoyed by signs of progress in talks to end the war between Iran and the United States. The Nasdaq Composite fell for the first time in five trading days, dragged down by declines in SpaceX and AMD following their quarterly earnings. The Dow finished at 54,349.12, up 263.24 points or 0.49 percent. The S&P 500 closed at 7,723.55, down 12.97 points or 0.17 percent. The Nasdaq ended at 26,363.44, down 221.55 points or 0.83 percent. In European markets, the STOXX 600 index closed at a new record high of 657.14, up 0.28 points or 0.04 percent, supported by strong corporate earnings. London's stock market edged higher, lifted by Glencore and Next, but gains were capped by selling in banking shares after reports that China has begun taxing income from returns on overseas insurance policies. West Texas Intermediate crude for September delivery fell 55 cents, or 0.73 percent, to settle at 75.22 dollars a barrel. Brent crude for October delivery rose 9 cents, or 0.11 percent, to 79.45 dollars a barrel, amid hopes that easing tensions between the US and Iran could lead to the reopening of the Strait of Hormuz. COMEX gold for December delivery surged 152.60 dollars, or 3.67 percent, to close at 4,305.20 dollars an ounce, supported by a decline in US Treasury yields. The US dollar weakened against major currencies, with the dollar index slipping 0.18 percent to 99.676 as investors reduced holdings of the safe-haven currency.