US stocks set fresh record close

US stocks rose at the end of Tuesday’s session, setting a fresh record close as investors grew optimistic over strong corporate earnings and lower oil prices. This came amid Washington’s efforts to secure navigation in the Strait of Hormuz.

At the close, the Dow Jones Industrial Average rose 0.73%, or 356 points, to 49,298 points, partially recovering from the previous session’s 557-point loss.

The broader S&P 500 gained 0.81%, or 58 points, to 7,259 points, while the Nasdaq Composite climbed 1%, or 258 points, to 25,326 points, with both indexes posting fresh record closes.

In Europe, the Stoxx Europe 600 rose 0.70% to 609 points, supported by positive performance across most major bourses.

While the UK’s FTSE 100 fell 1.40% to 10,219 points, Germany’s DAX advanced 1.71% to 24,401 points, and France’s CAC 40 gained 1.10% to 8,062 points.

In Japan, the Tokyo Stock Exchange remained closed for an extended public holiday until Wednesday, with normal trading set to resume on Thursday.

As for oil, Brent crude futures for July delivery fell 3.99%, or $4.57, to $109.87 a barrel.

US Nymex crude futures for June delivery declined 3.90%, or $4.15, to $102.27 a barrel.

Gold futures for June delivery rose 0.77%, or $35.20, to $4,568.50 an ounce.

Key factors combined to push Wall Street to record levels, led by falling oil prices as navigation in the Strait of Hormuz began to ease, alongside earnings beats from 85% of S&P 500 companies that have reported financial results.