New York stocks rose broadly, lifted by a rebound in technology shares.
The Dow Jones Industrial Average closed at 52,182.74 on Monday, up 306.63 points, or 0.59%, from the previous session. It marked the first time the Dow has crossed the 52,000 level. The Standard & Poor's 500 index also rose 86.41 points, or 1.18%, to 7,440.43, while the Nasdaq Composite gained 522.53 points, or 2.07%, to close at 25,820.14.
Among the largest technology stocks by market capitalization, Nvidia rose 1.27%, while Amazon (3.20%), Google parent Alphabet (4.82%), SpaceX (7.15%), Broadcom (2.04%), Tesla (8.46%) and Facebook parent Meta (2.24%) all advanced. In contrast, Apple (-0.72%) and Microsoft (-1.18%) closed lower despite the broad rally.
New York stocks drew upward momentum from news that the United States and Iran had agreed to halt mutual attacks that continued through the weekend, and would meet in Doha, the capital of Qatar, on Tuesday to attempt to resolve the dispute over the Strait of Hormuz. U.S. President Donald Trump announced the news on his social networking service Truth Social, saying "Iran has requested talks." Earlier, Iran struck a civilian vessel sailing along the coast of Oman on June 25, and the United States carried out retaliatory air strikes on Iranian drone and missile bases. Iran then launched attacks targeting U.S. military bases in Bahrain and Kuwait, raising tensions between the two countries.
Among individual stocks, Alphabet surged on its first day in the Dow, adding strength to the index. As of Monday, Verizon was removed from the Dow and Alphabet was added. Tesla and SpaceX, both led by CEO Elon Musk, also jumped sharply on bargain-hunting following their recent declines.
The U.S. Supreme Court ruled that Federal Reserve Governor Lisa Cook may remain in her position while litigation proceeds over Trump's attempt to remove her. At the same time, the court found that Trump's removal last year of Rebecca Kelly Slaughter, a Federal Trade Commission (FTC) commissioner who had been a Democratic appointee, was lawful, leaving uncertainty over the ruling in the Cook case.
International oil prices rose, reacting more sensitively to the military clashes between the United States and Iran over the weekend. On the ICE Futures exchange in London, Brent crude futures for August delivery rose 1.6% from the previous session to $73.15 a barrel. On the New York Mercantile Exchange, U.S. West Texas Intermediate (WTI) crude futures for August delivery closed up 2.2% at $70.75 a barrel. According to U.S. Department of Energy data, the U.S. Strategic Petroleum Reserve (SPR) stockpile stood at 325.7 million barrels as of June 26, down 5.5 million barrels from a week earlier. That was the lowest level since May 1983.
