The New York stock market, which had been weak last week on concerns that artificial intelligence (AI)-related stocks were overvalued, closed higher across the board on the 29th, local time, on a rebound in tech shares.
On the New York stock market that day, the Dow Jones Industrial Average rose 306.63 points, or 0.59%, from the prior session to end at 52,182.74, surpassing 52,000 for the first time ever.
The Standard & Poor's (S&P) 500 rose 86.41 points, or 1.18%, to 7,440.43, and the tech-heavy Nasdaq composite gained 522.53 points, or 2.07%, to close at 25,820.14.
Investor sentiment was also buoyed by the United States and Iran agreeing over the weekend to halt mutual attacks and to meet in Doha, the capital of Qatar and a key mediator, on the 30th to discuss ways to resolve the dispute over the Strait of Hormuz.
U.S. President Donald Trump said on his social media platform Truth Social, "Iran has requested talks," adding, "Talks are scheduled to be held in Doha on the 30th."
Alphabet, Google's parent company, which began its first day of trading after being added to the Dow, rose 4.82%, helping drive the index to a record high.
Tesla jumped 8.46%, recovering most of the declines from the past two weeks in a single day. SpaceX, which saw a sharp correction last week, also rose 7.15%.
Semiconductor stocks were also strong. Micron rose 1.14%, Nvidia 1.24%, Intel 2.65%, and AMD 3.39%.
A decision by the U.S. Supreme Court allowing Federal Reserve (Fed) Governor Lisa Cook to remain in her post while litigation proceeds over President Donald Trump's attempt to remove her also helped ease concerns about damage to the Fed's independence.
Peter Cardillo, chief market economist at Spartan Capital, said, "The hostile acts between the United States and Iran over the weekend did not have a material negative impact on the market," adding, "The market is now focused on the earnings season that is about to begin."