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Dow Jones pushes to a fresh record as Strait of Hormuz deal nears
The Dow is up about 0.8% near 54,500, helped by reports of a 60-day Strait reopening framework that would charge a transit fee.
The Dow Jones Industrial Average is trading near 54,500, up 0.76% on Wednesday and at a fresh record, extending gains to roughly 1,400 points above the early-July peak, according to FXStreet.
The boost is linked to reports that the Strait of Hormuz could reopen within days after Washington called off a fresh round of strikes and pointed to talks, with draft terms described as involving routing via Iranian waters for inbound traffic and Omani waters for outbound traffic under a temporary 60-day arrangement.
Tehran is seeking a transit fee of 5% to 7% of cargo value, while Muscat has floated something closer to 3% and Washington wants no fee at all, and regional officials have reportedly questioned claims that an agreement is close, including disputes over control and how the fee would work.
The move in equities is also occurring alongside recent macro data, where private payrolls added 44K in July versus a 70K consensus and the ISM services PMI held expansion at 54.1 versus 54.5 expected, with new orders rising and the employment index falling into contraction.
Latest closeDow Jones 54,085.88 ▲1.7%