US stock market hits record high amid hopes for Strait of Hormuz reopening
US stock markets reached record highs as investors reacted to potential progress in reopening the Strait of Hormuz. Strong corporate earnings, particularly from Palantir Technologies, also contributed to the market rally.
Why it matters
The reopening of the Strait of Hormuz is critical for global oil supply, and market performance reflects investor optimism regarding geopolitical stability.
Oil prices fall as US officials tout progress in talks to reopen critical waterway.
x whatsapp-stroke copylink google Add Al Jazeera on Google info A trader works on the floor of the New York Stock Exchange, in New York, US, on July 30, 2026 [Yuki Iwamura/AP Photo] By John Power Published On 5 Aug 2026 5 Aug 2026 The US stock market has hit an all-time high amid growing hopes for a deal to reopen the Strait of Hormuz and a flurry of bumper corporate earnings.
The S&P 500, the most popular gauge of US stocks, surged 1.8 percent on Tuesday to top 7,700 for the first time, blasting past its previous record of 7,620.90 set on June 2.
Wall Street’s benchmark index has risen 12.80 percent so far this year, comfortably beating its historical average of about 10.5 percent.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in