The S&P 500 beat its own record shortly after the markets opened, then climbed further to close at 2,954.18. The Dow Jones industrial average also surged, climbing nearly 250 points and coming within 1 percent of its own record. Crude oil prices soared after Iran announced it had shot down a U.S. military drone, caused investors to fear for future oil supplies. Tensions have been rising since last week, when U.S. authorities blamed Iran for an attack on two oil tankers near the Strait of Hormuz. The company eschewed the typical IPO process in favor of a direct listing, which allows company investors and other stakeholders to sell directly to the market without issuing new shares.

Source: Washington Post June 20, 2019 16:06 UTC