Why it matters. US record highs ripple outward: they shape global risk appetite, pension and retirement returns worldwide, and the price of oil that every economy depends on.
Background. The source is South Korea's Hankyoreh, a major Seoul daily; Korean media closely track US markets because Wall Street's overnight moves heavily influence the next day's trading on Korea's KOSPI and the won's exchange rate. The 'Situation Room' Trump references is the White House's secure crisis-management facility, and the Strait of Hormuz is a chokepoint carrying roughly a fifth of the world's oil.
What to watch next. Whether the unresolved US-Iran ceasefire talks yield a formal agreement, which would test how much of the rally rests on geopolitical hopes versus AI fundamentals.
Three Major Indexes Close at All-Time Highs
All three of Wall Street’s main stock indexes closed at record highs on Thursday, November 29 (US time), lifted by renewed enthusiasm for artificial-intelligence investment and growing optimism that tensions in the Middle East may be easing. The simultaneous records reflect a market betting on both an AI-driven earnings boom and a potential de-escalation in a region central to global oil supplies.
The Dow Jones Industrial Average rose 363.49 points (0.72%) to close at 51,032.46. The broader S&P 500 added 16.43 points (0.22%) to finish at 7,580.06, while the tech-heavy Nasdaq Composite gained 55.15 points (0.20%) to settle at 26,972.62. Each set a new closing record.
Ceasefire Hopes Ease Oil and Lift Sentiment
A key driver was optimism over a possible winding-down of conflict in the Middle East. US President Donald Trump wrote on his social platform Truth Social that a final meeting on a memorandum of understanding (MOU) for ceasefire negotiations with Iran was being held in the White House Situation Room — the secure crisis-management center where presidents oversee sensitive national-security decisions.
Investors are watching for the potential reopening of the Strait of Hormuz, the narrow waterway between Iran and the Arabian Peninsula that carries a large share of the world’s seaborne oil and had been disrupted by the conflict. Expectations that shipping could resume helped push global crude prices lower — a positive signal for stocks, since cheaper energy eases inflation pressure. Notably, however, the roughly two-hour meeting reportedly ended without a final decision.
Dell Earnings Ignite the AI Trade
The Nasdaq’s strength was powered by AI-linked shares. Dell Technologies — the US computer and data-center hardware maker — was the standout, with its stock surging more than 32.76% after it reported quarterly results that beat market forecasts. Strong demand for the servers and infrastructure that power AI systems drove the upside.
The rally spread quickly across the sector. Shares of rival Hewlett Packard Enterprise (HPE) climbed 12.64%, while other companies tied to AI data centers rose sharply: Super Micro Computer gained 11.6% and Oracle advanced 10.84%. The moves underscore how heavily investor sentiment now hinges on the buildout of physical infrastructure behind the AI boom.
What the Records Signal
The session captured two of the dominant forces shaping global markets: the seemingly insatiable corporate appetite for AI computing power, and the sensitivity of equities and oil to geopolitical risk. With the ceasefire talks unresolved, the durability of Thursday’s gains may depend on whether diplomacy in Washington produces a concrete agreement.
