US stock market hits record high amid hopes for Strait of Hormuz reopening

Oil prices fall as US officials tout progress in talks to reopen critical waterway.The US stock market has hit an all-time high amid growing hopes for a deal to reopen the Strait of Hormuz and a flurry of bumper corporate earnings.The S&P 500, the most popular gauge of US stocks, surged 1.8 percent on Tuesday to top 7,700 for the first time, blasting past its previous record of 7,620.90 set on June 2.Recommended Stories list of 4 itemslist 1 of 4Elon Musk’s SpaceX reports losses but less than expectedlist 2 of 4Sri Lanka shuts schools as floods and mudslides kill 7list 3 of 4One killed, 12 injured in Russian ballistic missile attack on Kyivlist 4 of 4US revokes visa of Brazilian ambassador amid deepening diplomatic spatend of listWall Street’s benchmark index has risen 12.80 percent so far this year, comfortably beating its historical average of about 10.5 percent.Palantir Technologies, a data analytics company closely tied to the US and Israeli defence sectors, was among the biggest gainers, with its shares soaring 29.5 percent on the back of forecasting-busting second-quarter revenue of $1.94 bn.The Dow Jones Industrial Average, which tracks 30 blue-chip companies, set a new record for a second straight day, climbing 1.7 percent to 54,085.88.The rally continued in Asia on Wednesday morning, with key indexes in Japan and South Korea making major gains.Tokyo’s benchmark Nikkei 225 was up 3 percent as of 01:00 GMT, while the Kospi in Seoul was up 4.6 percent.Brent crude, the primary international benchmark for oil prices, edged lower after falling about 5 percent overnight on hopes for an end to the months-long disruption to shipping in the Strait of Hormuz, a conduit for about one-fifth of global oil supplies before the start of the US-Israel war on Iran in late February.Brent futures for October delivery stood at $79.11 per barrel as of 01:00 GMT, down about 13 percent from the previous week.The growing market optimism came as both US and Iranian officials touted progress in talks between Iran and Oman aimed at restoring shipping in the strait.