Stocks Rally on Hormuz Hopes, Palantir Shares Surge and the AI Trade Roars Back | Markets P.M. for Aug. 4
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What Happened in Markets Today
Oil prices continued their slide and stocks rallied after Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could come “today or tomorrow.” Before his comments, investor confidence in the negotiations had been tested by conflicting messages on the status of talks, as well as a fresh attack on a ship moving through the strait. Brent crude fell 5% to below $80 a barrel. The Dow industrials climbed 1.7% and closed above 54,000 for the first time. The Nasdaq gained 2.6%, and the S&P 500 rose 1.8%.
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