Traders work July 27 on the floor of the New York Stock Exchange on Wall Street in New York City. Stocks surged again Tuesday, ending at record highs. Photo by John Angelillo/UPI | License Photo
Aug. 4 (UPI) -- The Dow Jones Industrial Average and the S&P 500 both hit record highs again Tuesday, as tech stocks continued to climb and oil prices dropped amid hopes that the Strait of Hormuz could soon reopen.
The Dow closed at 54,085.99, climbing 907.47 points, or 1.71%.
One reason for Tuesday's records was a decline in oil prices spurred by Treasury Secretary Scott Bessant, who said in a CNBC interview that "we are in talks with the Iranians."
"There is a chance we may have a deal today or tomorrow to reopen the strait and move toward a more normalized position in this conflict," Bessant said.
