Stocks started the holiday-shortened week off with outsized gains across the board, the Dow adding 306 points for its first-ever close above 52,000. The S&P 500 and Nasdaq both snapped their five-day losing streaks, with Magnificent 7 stocks --especially Alphabet (GOOGL) -- doing their part in the rally. Wall Street welcomed the reduced Middle East hostilities, with investors rotating back into a weakened tech sector.
Oil Prices Shift Back Above $70
Oil prices stabilized some, though gains were capped by the cessation of hostilities in the Strait of Hormuz. July-dated West Texas Intermediate (WTI) added 2.4% to finish at $70.85 a barrel for the day.
Gold futures fell as the safe-haven asset remained wary of Middle East uncertainty. August-dated gold futures lost 1.4%, to settle at $4,019.79/oz for the session.
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