Wall Street rallies, Dow closes at record on Iran talks optimism
By Chuck Mikolajczak and Johann M Cherian
Mon August 3, 2026
Optimism is back up front with all three indexes jumping straight up out the gate and staying up all day, all achieving very substantial 3-digit gains again, the Dow not only now handsomely recouping all its losses but reaching another record high. The good news is new hopes over Iran as fighting de-escalates and bringing crude prices down 5%. With 304 of 500 S&P companies now reporting and 85.2% beating estimates, Q2 earnings growth now stands at 29.3%, but oddly down from Friday’s 48%.
Amazon today gained 4.5% and became a member of the $3 Trillion Club. Later this week, some more major AI companies will be reporting. Also boosting the markets was the New York Fed prez announcing his optimism that inflation would ease which brought the odds of a September rate hike to 64.5% vs 82% two weeks ago. Labor reports later this week will also be closely watched. For the first time in a while, volume was well above the 17.66 average, closing today at 19.36 billion and supporting the case for optimism.
DJ: 52,485.03 +276.97 NAS: 25,373.85
+251.68 S&P: 7,489.72
+52.09 7/31
DJ: 53,178.41 +693.38 NAS: 25,913.90
+540.04 S&P: 7,600.50
110.78 8/3
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