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Dow, S&P 500 close at record on AI-linked earnings, Mideast deal hopes ReutersDow surges 900 points, S&P 500 closes above 7,700 for first time in booming Wall Street rally CNBCStock Market Shifts Into Overdrive As S&P 500, Dow Score All-Time Highs; Nasdaq-100 Soars 3% Investor's Business DailyStocks Rally as Investors Grow Hopeful About a Hormuz Deal The New York Times
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The S&P 500 rose 1.8 percent, pushing past its previous peak at the start of June and capping a big turnaround from a recent sell off in technology stocks.
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S&P 500 heads for 25th record close of 2026, after a 42-day break.
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The fertilizer trade as it relates to the Iran war and the Strait of Hormuz is really three trades pointed in different directions.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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