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Dow edges higher after Trump says Iran called to make a deal
The move followed reports of continued US strikes on Iran after Tehran attacked shipping around the Strait of Hormuz, while semiconductors helped lift the index.
The Dow Jones Industrial Average traded near 52,484 on Thursday, up about 0.28%, after President Donald Trump said Iran had called Washington to seek a deal. FXStreet said the rebound only partially repaired the damage from a selloff on Wednesday, when the index fell more than 1%.
The gain came alongside renewed US-Iran tensions. Central Command said the US launched a second consecutive day of strikes on Iran after Tehran attacked commercial shipping in and around the Strait of Hormuz, slowing traffic through the waterway.
FXStreet reported that oil prices eased on the remarks, and equities initially pulled back before stabilizing. Wells Fargo Investment Institute's real-assets desk said thin global crude inventories mean each escalation can rebuild the geopolitical premium in crude oil even if talks resume, and that about one-fifth of global crude consumption moves through the Strait of Hormuz.
Semiconductors provided most of the visible lift, with the semiconductor complex trading about 3% higher as Micron and Sandisk each added roughly 7%. FXStreet also noted that Europe’s Stoxx 600 was up about 0.7% after Wednesday’s near 2% drop, while Asia was mixed, and that Salesforce fell more than 4% after a broker downgrade.
Latest closeWTI crude $81.23 ▼1.7%|Dow Jones 52,747.32 ▲1.0%