US Stock Market Hits Record High Amid Hopes for Strait of Hormuz Reopening

Kathmandu. Oil prices have decreased and the US stock market has set a new all-time record following progress in talks on reopening the Strait of Hormuz, according to US officials.

The market saw a sharp rise as hopes for a deal to reopen the Strait of Hormuz increased, and major US companies released better-than-expected financial results. The S&P 500, the most popular index of the US stock market, rose 1.8 percent on Tuesday, surpassing 7,700 points for the first time. With this, it broke its previous record of 7,620.90 points set on June 2.