Wall Street Opens August with Gains
The U.S. stock markets started August strong, with major technology stocks leading widespread gains. The Dow Jones Industrial Average soared by 693 points to a new record high of 53,178 points. The S&P 500 rose by 1.48%, approaching its highest levels since February, while the Nasdaq increased by 2.13%, driven by shares of tech giants such as Amazon (up over 4%) and Meta (6%). This recovery comes after July’s decline, which was sparked by concerns over AI-related spending. Additionally, oil prices fell to their lowest levels in weeks after plans for attacks on Iran were canceled and talks resumed. U.S. Treasury yields also declined, reflecting reduced inflation fears and a continued cautious stance among investors regarding geopolitical developments.
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