Dow Rises 353 Points as SpaceX Debut Soars, Iran Talks Advance

U.S. stocks closed higher Friday, with the Dow Jones Industrial Average up 353.51 points to 51,202.26. The S&P 500 finished at 7,431.46, a gain of 0.5%, and the Nasdaq Composite closed at 25,888.84, up 0.31%.

Market attention centered on SpaceX’s long-awaited public listing and reports of progress in U.S.-Iran diplomacy. SpaceX began trading on the Nasdaq under the ticker SPCX. The stock opened at $150, above its $135 initial public offering price, and closed at $160.95, a 19% rise from the IPO price. The shares briefly rose more than 20% in early trade. The closing price implied a market value above $2 trillion, and about 3% to 4% of shares are expected to be available for trading.

Reports said negotiators from the United States and Iran agreed on a draft memorandum that would include U.S. relief from oil sanctions and an Iranian commitment to reopen the Strait of Hormuz. Pakistan’s prime minister stated that a “final, agreed upon text” had been reached. Some reports said a signing in Switzerland could occur within days.

West Texas Intermediate crude futures traded about 3% lower on the session at roughly $84 per barrel.

Traders attributed the stock gains to strong demand for SpaceX shares and to the diplomatic reports. Jake Dollarhide, chief executive of Longbow Asset Management, commented: “The reported progress in peace talks helped to lift sentiment. There’s still hope for a peace deal. Trump called off the attacks … Third parties are confirming a peace deal is happening.” Dollarhide added that easing tensions could reduce inflation and interest-rate concerns by lowering oil prices.

Technology sectors produced mixed results. Advanced Micro Devices rose about 4% and Alphabet added roughly 1%. Nvidia was little changed. Broadcom, Amazon, Microsoft and Palantir ended the day lower.

Investors are turning attention to next week’s Federal Reserve policy meeting, which will be the first chaired by Kevin Warsh. Market participants will watch Fed guidance on interest rates and the inflation outlook.

SpaceX’s listing ranks among the largest by implied market value, reflecting the company’s activities in launch services, satellite broadband and commercial space operations. If implemented, relief from oil sanctions and a commitment to reopen the Strait of Hormuz would affect energy exports and shipping routes.