U.S. stocks rebounded in weekend trading for the first time in 4 sessions. The Dow rose $478.64 to close at $51,828.62, while the Nasdaq gained 129.35 points to 27,068.72. Hopes for the reopening of the Strait of Hormuz provided the backdrop, while lower oil prices and movements in U.S. long-term interest rates supported market sentiment.
The New York market rebounded in weekend trading, with the Dow Jones Industrial Average closing up $478.64 from the previous day. The closing level was $51,828.62, while the Nasdaq Composite, which is weighted toward technology stocks, gained 129.35 points to 27,068.72.
Trading volume on the New York Stock Exchange fell by approximately 131 million shares from the previous day to 1.06359 billion shares. Market participants said movements in oil prices and interest rates prompted buying.
Iranian Foreign Minister Araghchi was reported to have proposed to the U.S. side that Iran would reopen the Strait of Hormuz within 7 days if the United States agreed to lift its maritime blockade of Iran. The report contributed to lower oil prices and an improvement in market sentiment.
Microsoft rose 3.7% following the announcement of an overhaul of its AI-powered Copilot features, while some semiconductor and software-related stocks, including Anthropic, also attracted buying. Salesforce, meanwhile, fell 1.8%.