Dow Jones Hits New Record High Close Since March Amid Easing Tensions in Russia-Ukraine Conflict

(Reuters) - The Dow Jones Industrial Average hit a record high close on Wednesday for the first time since March, rebounding from deep losses in recent months related to concerns about U.S. President Joe Biden's global tax policies. The index, which includes 30 of the largest and most well-known companies listed on the New York Stock Exchange, rose 1.5% to end at 35,977.42 as investors welcomed a potential easing of tensions between Russia and Ukraine. Its previous record high close was 35,938.67 on March 15. The rebound in the Dow came after a volatile week for global markets, with investors closely watching developments in Ukraine and Russia. However, hopes for a potential resolution to the crisis helped to boost sentiment and propel the index to new heights. Among the Dow's components, Apple Inc., Microsoft Corp., and Amazon.com Inc. all posted gains, while energy and industrial stocks also performed well. The energy sector, in particular, has been a major driver of the market's rebound in recent weeks as oil prices have risen amid tight supply and strong demand. The Dow's record close also marked a significant milestone for the U.S. economy, which has been struggling with high inflation and supply chain disruptions. However, recent data has shown signs of improvement, with the latest jobs report showing a surge in hiring and wages. Looking ahead, investors will be closely watching the Federal Reserve's policy decisions and any further updates on the situation in Ukraine and Russia. Any further escalation in tensions could put pressure on markets and send stocks lower, while a resolution to the crisis could provide further support for the Dow's climb. In the meantime, the record close for the Dow is a sign of optimism and confidence in the U.S. economy and its ability to weather current challenges. As the world's largest economy continues to grow and recover from the pandemic, the Dow could continue to set new records in the months and years to come.