Dow Jones hits fresh record as Strait of Hormuz tensions ease

The Dow Jones Industrial Average traded near 54,500 on Wednesday, up 0.76% and marking a fresh record. The index rose roughly 1,400 points above its previous peak set in early July.

The rally came as fears of a prolonged disruption in the Strait of Hormuz eased. Washington called off a new round of strikes and signaled that the key oil transit route could reopen within days, boosting investor sentiment.