Dow surges 907 points on strong AI stocks and hopes for Strait of Hormuz reopening
Price Action
US stocks closed sharply higher overnight, with the Dow jumping 907.47 points, or 1.71%, to end at 54,085.88. The S&P 500 gained 136.02 points, or 1.79%, to close at 7,736.52, and the Nasdaq surged 671.10 points, or 2.59%, to finish at 26,584.99. The rally was fueled by strong earnings from artificial intelligence stocks, falling oil prices and bond yields, and renewed hopes that the US and Iran may reach an agreement to reopen the Strait of Hormuz. European markets also closed at record highs, with the Stoxx 600 index rising 0.73% to 656.86. Asian markets opened higher this morning, tracking Wall Street's lead, with Japan's Nikkei up 0.95%, Hong Kong's Hang Seng up 0.15%, and South Korea's Kospi surging 4%.
