Wall Street's three major indexes close higher on US-Iran ceasefire hopes, SpaceX IPO debut

By Park Hye-won, The Herald Business

All three major US stock indexes closed higher Friday as optimism over a potential US-Iran ceasefire combined with the blockbuster market debut of SpaceX to lift Wall Street.

The Dow Jones Industrial Average rose 353.51 points, or 0.70 percent, to close at 51,202.26.

The S&P 500 gained 37.16 points, or 0.50 percent, to finish at 7,431.46, while the tech-heavy Nasdaq Composite added 79.18 points, or 0.31 percent, to end at 25,888.84.

Analysts attributed the gains to growing signs of a US-Iran ceasefire agreement and the successful listing of SpaceX, which had been widely anticipated as the largest initial public offering on record. A sharp drop in oil prices also eased inflation concerns.

Iranian Foreign Minister Abbas Araghchi declared in a nationally televised address Wednesday that a ceasefire agreement with the United States had reached its final stage, according to The New York Times and other media. The two sides are expected to sign a memorandum of understanding during next week's G7 summit.

International oil prices tumbled more than 3 percent in response. August-delivery Brent crude futures settled at $87.33 per barrel, down 3.37 percent — the lowest level since March 5, early in the war.

SpaceX, the space company founded by Elon Musk, closed at $161.11, up 19.34 percent from its offering price.

"The IPO parade that had been on pause for a while is now charging forward," said Mark Klein, CEO of Suro Capital. "SpaceX's massive success will serve as a weathervane for market-leading companies preparing to go public."