Dow Jones rises 180 points to record closing high

US stocks closed Wednesday near the record levels reached in the previous session, amid optimism over a potential easing of tensions in the Middle East, while weakness in semiconductor stocks weighed on broader market gains.

The Dow Jones Industrial Average rose 0.36%, or 182 points, to finish at 50,644, marking a new record closing high.

The S&P 500 was little changed at 7,520 points, while the Nasdaq Composite remained steady at 26,674 points, after both indexes closed at record highs in the previous session.

Across the Atlantic, the STOXX Europe 600 held steady at 628 points amid ongoing geopolitical uncertainty, though gains in automaker shares helped limit losses.

Britain’s FTSE 100 rose 0.13% to 10,505 points, while France’s CAC 40 gained 0.43% to 8,207 points. Germany’s DAX was little changed at 25,177 points.

In Japan, the Nikkei 225 ended flat at 64,999 points, while the broader TOPIX fell 0.52% to 3,918 points.

In commodities trading, July Brent crude futures fell 4.39%, or $4.37, to settle at $95.21 per barrel.

Meanwhile, July US WTI crude futures declined 5.44%, or $5.11, to $88.78 per barrel.

As for gold, June futures for the precious metal dropped 1.20%, or $53.90, to $4,448.40 per ounce.

What Drove Markets?

Wall Street drew support from falling oil prices after Iranian state television reported that it had obtained a draft memorandum of understanding aimed at ending the war with the US and reopening the Strait of Hormuz. However, profit-taking in semiconductor stocks limited broader market gains.