Dow jumps almost 700 points as AI and tech surge
Big day on Wall Street: The Dow jumped almost 700 points to a new record, with the S&P 500 and Nasdaq also climbing.
What sparked this? Oil prices dropped, bond yields eased up, and US economic data came in strong.
Tech and AI stocks stole the show: Amazon popped another 4.5% after last week's wild run, now topping a $3 trillion market cap.
Oman Iran talks ease oil prices
Oil got cheaper as talks between Oman and Iran showed progress toward reopening the Strait of Hormuz, easing U.S.-Iran tensions.
WTI crude slipped below $80 per barrel, and Brent fell under $85.
Plus, July's US manufacturing PMI hit its fastest pace since May 2022, boosting confidence alongside lower bond yields.
Alphabet Microsoft up 5% NVIDIA 3%
Alphabet, Microsoft, and NVIDIA all saw solid gains (5%, 5%, and 3%).
All these factors combined to give investors a big dose of confidence: pushing stocks to fresh highs.