Wall Street operates at a high; SpaceX stands out with historic IPO

Wall Street's main stock indexes operated higher this Friday (12), in a volatile trading session, driven by expectations of an imminent peace agreement in the Middle East, as investors prepared for SpaceX's stock market debut, which should be the biggest IPO in Wall Street history.

At around 11:20 am, the Dow Jones Industrial Average rose 0.24% to 50,971 points, while the S&P 500 gained 0.15% to 7,4050 points and the Nasdaq Composite rose 0.04% to 25,820 points.

Statements by United States President Donald Trump on Thursday (12) suggesting that an agreement to end the conflict in the Middle East and reopen the Strait of Hormuz could be signed as early as this weekend improved the global mood, even as Tehran stated that a final decision was still pending.

SpaceX will begin trading on the Nasdaq for the first time and will likely immediately rank as the seventh-largest publicly traded company in the U.S., with a potential valuation of $1.75 trillion.

"A dominant company with a $1.7 trillion valuation doesn't enter the market quietly. It will cannibalize capital," said Joel Shulman, chief executive of ERShares, which manages an ETF with exposure to SpaceX.

Source: CNN