S&P 500 Hits 7,736 as 907-Point Dow Rally Builds on Hormuz Deal Hopes
Updated
Updated · CBS New York · Aug 4
S&P 500 Hits 7,736 as 907-Point Dow Rally Builds on Hormuz Deal Hopes
3 articles · Updated · CBS New York · Aug 4
Summary
U.S. stocks closed at fresh records Tuesday, with the S&P 500 up 1.8% to 7,736, the Dow up 907 points and the Nasdaq gaining 2.6%.
Bessent said a deal to reopen the Strait of Hormuz could come within 24-48 hours, helping Brent crude fall 4.9% to $79.64 and easing inflation worries.
Palantir surged 29.3% after reporting 93% revenue growth and raising its 2026 outlook, while Caterpillar rose 6.5% after topping forecasts and posting its first $20 billion quarter.
JOLTS data showing hiring remained solid without running too hot added support, reinforcing a rally that has lifted the S&P 500 13%, the Dow 12% and the Nasdaq 14% this year.