Dow hits record as U.S.-Iran tensions ease, tech stocks rebound
The Dow closed above 52,000 for the first time as easing U.S.-Iran tensions and a tech rebound drove a broad rally. Alphabet’s debut and Comcast’s split plan added fuel.
Wall Street shrugged off the latest U.S.-Iran flare-up on Monday, sending the Dow Jones Industrial Average to its first close above 52,000 and pulling major technology shares back into favor. Investors leaned into the possibility that the worst of the geopolitical shock had passed, even though missile fire over the weekend kept the ceasefire fragile and the diplomatic path unsettled.
The Dow rose 306.63 points, or 0.59%, to 52,182.74, while the S&P 500 gained 1.18% to 7,440.43 and the Nasdaq Composite climbed 2.07% to 25,820.14. The S&P 500 and Nasdaq each snapped five-session losing streaks.
Technology did much of the lifting. Alphabet rose about 4.8% on its first day in the Dow after replacing Verizon, giving the 30-stock average an immediate boost from one of the market’s most closely watched names. The technology index rose 1.7%, and communications services led sector gains.
Comcast also powered higher, rising about 4.4% to 4.5% after unveiling plans to separate its media and cable businesses into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. Traders also watched the calendar, with U.S. markets set to close Friday for the July 4 holiday and second-quarter earnings from most S&P 500 companies not due to begin in earnest until after mid-July.
The geopolitical backdrop remained tense despite Monday’s rally. The United States and Iran signed a memorandum of understanding on June 17 aimed at ending the conflict and reopening the Strait of Hormuz, a critical route for global oil shipments. Negotiating teams were due in Doha this week, but Tehran said no meeting had been scheduled. Brent crude closed at $73.15 a barrel and West Texas Intermediate at $70.75.
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