PiCK
Dow Closes at Record High on US-Iran Peace Deal; Oil Falls to 3-Month Low
Summary
- News of a peace agreement between the US and Iran pushed the Dow to a fresh record high, while the Nasdaq also jumped more than 3%%.
- Global oil prices fell to their lowest level in three months, while US Treasury yields and the dollar index also declined.
- Semiconductor shares including Nvidia and Micron surged, lifting the Philadelphia Semiconductor Index to a record high, while SpaceX jumped 19.6%% on its second day of trading.
Forecast Trend Report by Period
Nasdaq jumps more than 3%
Micron surges more than 10%
U.S. stocks rallied on June 15 after news of a peace agreement between the US and Iran, with the Dow Jones Industrial Average closing at a record high.
The Dow rose 468.77 points, or 0.92%, to 51,671.03. The gain set a fresh all-time high.
The S&P 500 advanced 122.83 points, or 1.65%, to 7,554.29. The tech-heavy Nasdaq Composite jumped 795.10 points, or 3.07%, to 26,683.94.
The rally reflected stronger investor sentiment after the US and Iran reached a peace agreement.
Vice President JD Vance, Washington's chief negotiator with Iran, said in a media interview that the two sides signed electronically on June 14, the day they announced a memorandum of understanding to end the war. Senior US officials confirmed the details in separate briefings. The electronic signing came ahead of a formal ceremony scheduled for June 19 in Geneva, Switzerland.
Oil prices fell on the news. Brent crude, the global benchmark, settled 4.9% lower at $83.20 a barrel, while West Texas Intermediate crude fell 4.8% to $80.75. Both closed at their lowest levels since March 10, when the war was in its early stages.
US Treasury yields also declined as inflation concerns eased. The two-year Treasury yield, which is closely tied to interest-rate expectations, traded around 4.06%, down 0.02 percentage point. The dollar weakened as worries about further rate increases receded. The dollar index, which measures the US currency against six major peers, fell 0.13% to 99.36.
Semiconductor shares led the gains. Nvidia rose 3.54% and Micron Technology surged 10.84%. At least two brokerages sharply raised their price targets on Micron. The Philadelphia Semiconductor Index climbed 5.45% to a record close of 14,099.62.
SpaceX jumped 19.6% to close at $192.50 on its second day of trading. The stock rose 19.22% on June 12, its first day of trading, and added nearly another 20% on June 15.
Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
