NEW YORK / RankWire.AI / – In New York on Monday, Wall Street experienced a significant rise as technology shares gained ground and crude oil prices dropped. The Dow Jones Industrial Average surged by 693.38 points, or 1.32%, reaching an all-time high of 53,178.41. Meanwhile, the S&P 500 increased by 1.48% to close at 7,600.50, nearly hitting its record. The Nasdaq Composite climbed 2.13% to finish at 25,913.90. Buying activity extended across various key sectors, including many smaller U.S. companies.
Leading gains in the session came from large technology and communication firms. The S&P 500’s communication services sector was boosted by Meta Platforms and Alphabet, which contributed to a 4.3% rise. Amazon saw its stock jump 4.6%, pushing its market capitalization past the $3 trillion mark for the first time. A fund tracking seven major technology giants gained nearly 4%. These movements helped lift the broader market throughout the trading session.
Oil prices declined amid news concerning the United States and Iran. Brent crude fell by 4.7%, settling at $83.77 per barrel. President Donald Trump announced that the U.S. would postpone additional strikes against Iran and indicated that discussions might include the reopening of the Strait of Hormuz. Iran contested that no formal negotiations had been scheduled. The drop in oil prices eased immediate inflationary pressures and supported both equities and government bonds.
Falling oil prices bolster market momentum
During the session, the benchmark 10-year Treasury yield decreased to approximately 4.68%. The decline in yields benefited technology stocks, as borrowing costs influence the valuation of many growth-oriented companies. Investors remained attentive to the Federal Reserve and new economic data, with New York Federal Reserve President John Williams stating that inflationary pressures should gradually subside. Bond prices rose as yields fell, providing additional support for U.S. equities.
The upward trend extended beyond the tech sector. The Russell 2000 index of smaller firms increased by 1.7% to reach 2,981.91. On the New York Stock Exchange, advancing shares outnumbered declining ones by a ratio of 2.62 to 1, while on the Nasdaq, the ratio was 3.01 to 1. U.S. trading volume exceeded 19.36 billion shares, surpassing the 20-day average of 17.66 billion. The S&P 500 registered 15 new highs for the year and one new low.
Strong corporate earnings support positive market sentiment
Earnings reports further bolstered investor confidence in stocks. Out of 304 S&P 500 companies that reported through Friday, quarterly earnings were estimated to have increased by 29.3%. Approximately 85.2% of these companies surpassed analysts’ expectations, according to LSEG data. Solid earnings from major corporations helped offset recent concerns about interest rates and technology investments. Notably, Marriott International declined 7% after issuing a third-quarter profit outlook below market expectations, marking one of the day’s notable declines.
Monday’s gains marked a strong start to August for U.S. equities following a mixed July. The Dow reached a record high, while the S&P 500 stayed within 0.1% of its peak. The Nasdaq continued its upward trend for 2026, driven by technology stocks. For the year, the Dow has gained 10.6%, the S&P 500 has increased by 11%, and the Nasdaq has risen 11.5% through Monday’s close.