Wall Street sent stocks soaring to records on Tuesday, with the Dow Jones Industrial Average surging more than 900 points for its best day in nearly two months, while the S&P 500 jumped nearly 2% to a new all-time high. The rally rests on five factors: Treasury Secretary Bessent’s comments on a potential deal with Iran to reopen the Strait of Hormuz, an explosive earnings season with S&P 500 Q2 earnings growth on track for 27%, a broad tech sector rally with the semiconductor ETF up more than 6%, the S&P 500 breaking through the key 7,620 resistance level and closing above 7,700 for the first time ever, and a momentum purge following Aschenbrenner’s forced sale to Citadel clearing the way for buying. The S&P 500 is now up 3.3% for August, and the Nasdaq Composite is up nearly 5% in just two days.
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