NEW YORK, Aug. 4 -- The S&P 500 climbed to a fresh all-time record Tuesday as Treasury Secretary Scott Bessent said the United States might reach an agreement with Iran within 24 hours to reopen the Strait of Hormuz, a claim Tehran swiftly denied even as a cargo ship was struck by a projectile in the same waterway he promised would open.

The benchmark index rose 1.1 percent, the Dow Jones Industrial Average gained 722 points, or 1.4 percent, and the Nasdaq Composite advanced 1.6 percent by the close. West Texas Intermediate crude dropped roughly 3 percent to near $77.95 a barrel, and Brent crude declined 2 percent to approximately $81. The 10-year Treasury yield held at 4.69 percent.

"We are in talks with the Iranians and I think there ...