Dow surges over 600 points to a new high on strong earnings and Hormuz Strait reopening hopes
MacroGeopolitics Impact 4
The Dow Jones Industrial Average surged more than 600 points to a fresh all-time high in trading on August 5. As of 9:00 p.m. Thailand time, the Dow was up 638.01 points, or 1.18 percent, at 54,723.89. The S&P 500 rose 0.60 percent and the Nasdaq gained 0.39 percent, with both the Dow and the S&P 500 hitting new records. The rally was fueled by strong corporate earnings and expectations that talks between the United States and Iran will lead to the reopening of the Strait of Hormuz. President Donald Trump said the U.S. has made significant progress in negotiations and a deal could be reached soon. Meanwhile, U.S. Central Command stated that the southern shipping lane of the strait remains safe and open to commercial vessels. Investors are also awaiting the July nonfarm payrolls report, which is expected to show an increase of 88,000 jobs.
