PiCK
Dow Closes Above 52,000 for First Time as Tech Stocks Rebound on Easing US-Iran Tensions
Summary
- U.S. stocks ended higher across the board as easing military tensions between the United States and Iran and a rebound in technology shares lifted sentiment.
- The Dow broke above 52,000 for the first time, while the S&P 500 and Nasdaq each closed more than 1% higher.
- Recently battered AI and semiconductor stocks, along with Tesla, SpaceX and AI chip shares, posted sharp gains and helped drive the market higher.
Forecast Trend Report by Period
U.S. stocks ended higher Monday as tensions between the United States and Iran eased and technology shares rebounded. The Dow Jones Industrial Average closed above 52,000 for the first time, while artificial intelligence and semiconductor stocks that had recently come under pressure posted sharp gains.
The Dow rose 306.63 points, or 0.59%, to 52,182.74, its first close above the 52,000 mark. The S&P 500 gained 86.41 points, or 1.18%, to 7,440.43. The Nasdaq Composite advanced 522.53 points, or 2.07%, to 25,820.14.
The U.S. and Iran agreed to halt the reciprocal attacks that had continued through the weekend. The two sides plan to meet in Doha, the capital of Qatar and a key mediator, on June 30 to try to resolve a dispute over the Strait of Hormuz. President Donald Trump wrote on Truth Social that Iran had requested the talks and that the meeting would be held in Doha on June 30.
Technology stocks rebounded broadly after a recent pullback driven by concerns about overheated AI investment. Alphabet, Google's parent, rose 4.82% on its first day in the Dow, helping push the index to a record close. Tesla jumped 8.46%, wiping out in one session its losses from the previous two weeks.
SpaceX, which recently listed on the Nasdaq, climbed 7.15% after news that it will join the Nasdaq-100 Index starting July 7. Major AI chip stocks also moved higher, with Micron up 1.14%, Nvidia 1.24%, Intel 2.65% and AMD 3.39%. Rocket Lab surged 15.96% after saying it plans to acquire satellite communications company Iridium Communications.
The U.S. Supreme Court ruled that Federal Reserve Governor Lisa Cook can remain on the board while litigation continues over Trump's attempt to remove her, easing some concerns about interference with the Fed's independence. Peter Cardillo, chief market economist at Spartan Capital, said the weekend hostilities between the U.S. and Iran had not materially hurt markets. Investors are now turning their attention to the coming earnings season.
Kang Kyung-ju, Hankyung.com reporter qurasoha@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.