US stocks hit record high amid Hormuz reopening hopes

Wall Street hit an all-time high Tuesday as hopes grew for reopening the Strait of Hormuz, with the S&P 500 surging 1.8% to top 7,700 and the Dow climbing 1.7% to a record. Oil prices fell 5% on progress in Iran-Oman talks, and Asian markets rallied Wednesday. Palantir shares jumped 29.5% on strong earnings.