Morning Business Report: Dow jumps 900 points as Strait of Hormuz hopes lift markets

A stronger-than-expected hiring report and renewed optimism over the reopening of the Strait of Hormuz helped drive markets sharply higher Tuesday.

(LILAMAX)- A stronger-than-expected hiring report and renewed optimism over the reopening of the Strait of Hormuz helped drive markets sharply higher Tuesday.

The latest federal Job Openings and Labor Turnover Survey showed available positions fell to 7.36 million in June from 7.54 million the previous month, while layoffs and the quits rate remained largely unchanged.

On Wall Street, the Dow Jones Industrial Average surged 900 points to another record close as investors welcomed signs the Strait of Hormuz could soon reopen.

Meanwhile, Chipotle has removed jalapeños from restaurants nationwide after the peppers were linked to a salmonella outbreak in Minnesota that has sickened more than 100 people.

State investigators say 89% of interviewed patients reported eating at Chipotle between June 14 and July 14, though officials believe other Mexican-style restaurants and possibly other states may also be affected.

SpaceX also reported its first earnings since going public in June, beating expectations but continuing to burn cash as it invests in CEO Elon Musk’s long-term goals, including artificial intelligence and Mars exploration. The company’s shares fell following the report.

In merger news, Procter & Gamble announced it will acquire supplement maker Thorne for $3.8 billion, expanding its presence in the growing health and wellness market. Thorne sells products including creatine, prenatal vitamins and hormone supplements as consumer spending on health and beauty products continues to rise.