Dow jumps more than 700 points to a record as Hormuz deal hopes lift Wall Street

US equity indices hit record levels in trading on Tuesday 4 August 2026. According to Anadolu Agency, the S&P 500 rose 0.5% to a fresh intraday all time high, the Nasdaq Composite gained 0.9%, and the Dow Jones Industrial Average surged more than 700 points, or 1.4%, also reaching an all time high.

The main driver was a remark by US Treasury Secretary Scott Bessent, who told CNBC that Washington and Tehran could reach an agreement on reopening the Strait of Hormuz that day or the next. After the comment, West Texas Intermediate crude fell about 5% to roughly $76 a barrel and Brent dropped about 4% to around $80.

Corporate results added to the move: Palantir shares jumped more than 20%, Caterpillar climbed about 10%, Marvell advanced 11% and Micron gained 4%. The rally extended Monday 3 August gains, when the Dow closed at a record and Amazon's market capitalisation passed $3 trillion for the first time.