Dow Jones rallies over 700 points to close at record for 2nd session

The US stocks rose sharply on July 16, as treasury yields reached a record low since mid-March and investors anticipate a Fed rate cut in September and November meetings.

The Dow Jones Industrial Average advanced to new highs, surging by 742 points, or 1.85%, to close at 40,954. The 30-stock index hit an all-time high and closed at a record for the second straight session, in addition to notching its best session since June 2023.

The S&P 500 added 0.65%, or 35 points, closing at 5,667. The Nasdaq Composite ended the day higher by just 0.2%, or 36 points, at 18,509.

As for the European indices, STOXX Europe 600 inched down 0.3% to 517.3 points, on mining, auto and energy sector losses.

The German DAX 40 fell 0.4% to 18,518 points, the British FTSE 100 shed 0.2% to 8,164 points, and French CAC 40 dipped 0.7% to 7,580 points.

In Japan, the Nikkei 225 closed 0.20%, or 84 points higher at 41,275 points, while TOPIX also added 0.35% to 2,904 points.

In the oil market, futures contracts for Brent crude for September delivery fell by 1.3%, or $1.12, to $83.73 per barrel.

Meanwhile, prices of West Texas Intermediate (WTI) crude oil for August delivery slumped by 1.4%, or $1.15, to $80.76 per barrel.

As for gold, futures prices for the yellow metal for August delivery inched up by 1.6%, or $38.9, to a record of $2,467.80 per ounce.