S&P 500 and Dow Close at Record Highs
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Why did the S&P 500 and Dow close at record highs today?
Here's your Closing Bell Brief for Tuesday, August 4th. I'm Imani Moise for The Wall Street Journal. U.S. stocks rallied as upbeat corporate earnings and signs of progress in Middle East negotiations boosted investor confidence. The Nasdaq led the way, gaining 2.6%.
How did sector performance and the Nasdaq lead the market rally?
Both the S&P 500 and the Dow closed at all-time highs, with the S&P rising 1.8% and the Dow finishing 1.7% higher. Oil prices extended their recent slide after Treasury Secretary Scott Besant said a deal to reopen the Strait of Hormuz could come today or tomorrow. Brent crude futures fell more than 5% to settle around $79 a barrel. Among individual companies, Palantir shares surged more than 29% after the software company reported stronger-than-expected earnings, putting the stock on track for its biggest one-day gain since 2024. Prologis stock slipped 3.6% after the warehouse owner agreed to buy British rival Segro for $18.8 billion. Segro shares gained 1.4% in London following the announcement.
And SpaceX shares fell more than 6% in after-hours trading following its first earnings report as a public company. The company reported a net loss of $541 million and brought in $7.8 billion in revenue during the second quarter, up 92% from a year ago. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. We'll have more coverage of the day's news on the WSJ's What's News podcast. Listen and subscribe wherever you get your podcast.
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