[New York Stock Market] "The war is over" as the Dow hits an all-time high... SpaceX surges 43% in two days

[Financial News]  

The New York Stock Exchange (NYSE) rose across the board on the 15th (local time). The Dow Jones Industrial Average (The Dow) hit a record high.
The market was lifted after U.S. President Donald Trump announced that the United States and Iran had already electronically signed a memorandum of understanding to end the war, with a formal signing ceremony set for June 19 in Geneva, Switzerland and the Strait of Hormuz to be opened the same day.
Meanwhile, SpaceX, which drew strong investor interest after a blockbuster initial public offering (IPO) on the 12th, surged by nearly 20% again that day, continuing its hot streak.

The Dow set a new all-time high seven trading days after June 4. It closed at 51,671.03, up 468.77 points, or 0.92%, from the previous session.
The S&P 500 Index jumped 122.83 points, or 1.65%, to 7,554.29, while the Nasdaq Composite soared 795.10 points, or 3.07%, to 26,683.94. Despite the sharp gains, both indexes still fell short of their record highs.
The Chicago Board Options Exchange (Cboe) Volatility Index (VIX), often called Wall Street's fear gauge, dropped 1.57 points, or 8.88%, to 16.11.

SpaceX extended its rally for a second straight day, climbing more than 19% amid a stock shortage, with retail investors who were unable to receive IPO allocations watching from the sidelines.
It closed at $192.50, up $31.55, or 19.60%, on the day.
After briefly soaring as much as 31% intraday on its first day to $176.52, SpaceX's stock price rose 42.6% over two days from the offering price.
Still, experts remain cautious.
In a note on the 12th, CFRA (Center for Financial Research and Analysis) assigned a "sell" rating and set a 12-month target price of $115. That is 40% below the closing price on the day.
CFRA recommended selling the stock, saying SpaceX's growth strategy was overly optimistic and its spending excessive.
Earlier, on the 8th, Morningstar, Inc. had set a fair value of $63 per share.
By contrast, Newstreet Research said the current valuation looks reasonable over the long term. However, its 12-month target price of $165 is still 14.3% below the closing price that day.
No one can say how long SpaceX's rally will last, as the stock appears highly volatile.

Semiconductor stocks also posted strong gains.
NVIDIA, the sector leader, rose despite the negative news that it would issue $2 billion in corporate bonds, closing at $212.45, up $7.26, or 3.54%, and leading the advance.
Micron surged $106.38, or 10.84%, to $1,087.99, while Advanced Micro Devices, Inc. (AMD) jumped $35.69, or 6.98%, to $547.26.
TD Cowen raised its target price for Micron to $1,500 that day.
The iShares Semiconductor ETF (SOXX) closed at $628.45, up $32.20, or 5.40%.

Big tech stocks all moved higher.
Alphabet Inc. rose $9.67, or 2.69%, to $369.35, while Microsoft (MS) climbed $9.02, or 2.31%, to close at $399.76.
Apple ended the session at $296.42, up $5.29, or 1.82%, and Palantir Technologies closed at $134.71, up $6.72, or 5.25%.

Quantum computing stocks were also strong.
IonQ, Inc., the sector leader, rose $3.33, or 5.76%, to $61.18, while Rigetti Computing, Inc. jumped $1.72, or 8.20%, to $22.70.
D-Wave Quantum Inc. soared $2.89, or 12.37%, to $26.26, and Quantum Computing surged $1.17, or 11.78%, to $11.10.
[email protected] Song Kyung-jae Reporter