S&P 500 and Dow hit fresh records as Bessent cites Hormuz talks progress

NDTV Profit reported that the S&P 500 and Dow Jones Industrial Average hit fresh records at Wednesday's opening bell, and the Nasdaq continued to climb even as chip stocks sold off, after Treasury Secretary Scott Bessent said Washington had made headway in talks with Iran and Oman to allow more ships through the Strait of Hormuz. The move extended Tuesday's session, when the S&P 500 closed above 7,700 for the first time, up 1.79% to 7,736.52, the Dow gained 907.47 points, or 1.71%, to 54,085.88, and the Nasdaq Composite rose 2.59% to 26,584.99. Earlier in Wednesday's session the Dow had climbed 511.03 points to 54,596.91 and the S&P 500 had gained 51.59 points to 7,788.11. At the open, Treasury yields ticked up slightly to 4.91%, oil held near 75.70 dollars a barrel, gold rose 2.9% to about 4,196.98 dollars an ounce and Bitcoin slipped 0.3% to around 64,073.80 dollars, while SpaceX's valuation fell 12%, erasing 205 billion dollars in market value.