U.S. Stocks Rise as Dow Closes at Record; Supreme Court Backs Broader Firing Powers

U.S. stocks rose as Treasury yields climbed and yield spreads narrowed, with dip-buying flowing into technology shares that had recently been heavily sold off; the Dow Jones Industrial Average set a record closing level and the S&P 500 hit a one-week high, according to Ming Pao. The Golden Dragon China Index extended gains for a second straight day. Separately, Iran said it has no plans to meet U.S. officials in Doha and reiterated it will control passage through the Strait of Hormuz. In Washington, the U.S. Supreme Court overturned a 91-year-old precedent and agreed to expand the president’s power to dismiss senior government officials, but carved out an exception for Federal Reserve officials; the court ruled that Fed Governor Adriana Kugler can temporarily remain in office.