Morning Business Report: Markets rally on Iran deal hopes as car payments top $1,000

Investors pushed stock indexes to record highs as optimism grew surrounding a potential agreement involving the Strait of Hormuz.

(LILAMAX)- Investors pushed stock indexes to record highs as optimism grew surrounding a potential agreement involving the Strait of Hormuz.

Reports indicate a tentative 60-day agreement to reopen the vital shipping route has been reached, although President Donald Trump still must approve the proposal. Under the reported framework, the Strait of Hormuz would reopen for two months while negotiators work through the more complicated issue of Iran’s nuclear program.

The positive developments helped fuel gains on Wall Street, with stock indexes closing at record levels as investors reacted to hopes of reduced tensions in the region.

Meanwhile, Americans continue to face rising vehicle costs.

According to Experian research, nearly one in five monthly vehicle payments now exceeds $1,000. The trend is not being driven primarily by luxury vehicles. Instead, popular pickup trucks such as the Ford F-150, Chevrolet Silverado 1500 and Ram 1500 account for many of the largest monthly payments.

In the gaming industry, Caesars is changing hands in a major deal.

Billionaire Tilson Fertitta is purchasing the casino and entertainment giant in an $18 billion acquisition. The deal comes as Las Vegas faces challenges from declining visitor numbers, driven in part by the growth of mobile sports betting and prediction markets.

Moviegoers may also notice a change at Alamo Drafthouse theaters.

The chain is updating its phone policy to allow customers to use their phones to order food and drinks through QR codes while inside theaters. The decision has sparked criticism from some customers, who argue the move could undermine the theater-going experience and have called on the company to “save the sanctuary.”