Dow, S&P 500 close at record on AI-linked earnings, Middle East deal hopes
The Dow Jones Industrial Average rose 912.25 points, or 1.72 per cent, to 54,090.66, preliminary data showed.
On August 4, the S&P 500 and Dow Jones Industrial Average both reached record highs, driven by earnings from AI-related companies and hopes for a Middle East deal. Palantir saw a 30% surge and Caterpillar jumped after raising its annual revenue forecast, benefiting the Dow more than 300 points. Crude prices and Treasury yields fell as a Qatari official and US Treasury Secretary hinted at progress in resolving the Iran conflict.
Investors showed confidence in AI-linked companies and the labor market remained stable, with job openings dropping but hiring low. The tech sector, including chip stocks, also surged, pushing the S&P 500 tech index to a four-day gain.
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- US stock futures advance as strong AI-linked earnings continue freemalaysiatoday.com
