S&P 500 Tops 7,700 for the First Time as Hormuz Deal Hopes and Corporate Earnings Lift Wall Street to Record Highs

The S&P 500, the benchmark US stock index, rose 1.8 percent on Monday, 19 Mordad 1405 (August 10, 2026), to top 7,700 points for the first time, surpassing its previous record of 7,620.90, according to Al Jazeera. The Dow Jones Industrial Average set a record for a second straight session, climbing 1.7 percent to 54,085.88. Palantir Technologies shares jumped 29.5 percent after forecast beating second quarter revenue of 1.94 billion dollars, leading the gains. Al Jazeera attributed the rally to growing hopes for a deal to reopen the Strait of Hormuz and a wave of strong corporate earnings. US Secretary of State Marco Rubio said no agreement had yet been reached but that he expected one very shortly. US Treasury Secretary Scott Bessent said a deal could come within days. Iranian Foreign Ministry spokesperson Esmaeil Baghaei described talks with Oman on safe shipping routes through the strait as positive. Brent crude, which had earlier fallen about 5 percent, edged back up on Monday.