Global Markets Optimistic Amid Israel-Iran Ceasefire and Bitcoin Surge
US stocks hover near all-time highs as markets stabilize following hopes of an undisturbed oil flow due to a ceasefire between Israel and Iran. Increases in cryptocurrency and stock gains offset losses for companies like FedEx and General Mills. Global markets show mixed reactions.
US stocks remained close to their all-time highs on Wednesday as financial markets paused for breath, buoyed by optimism that the Israel-Iran ceasefire would preserve the global oil supply chain. The S&P 500 saw a modest rise of 0.2%, while the Dow Jones Industrial Average stayed almost flat.
The Nasdaq composite climbed 0.6%, fueled partly by a robust performance in the cryptocurrency sector. Bitcoin's value surged past USD 107,000, sparking notable gains for Coinbase Global and Robinhood Markets. Meanwhile, the oil market calmed after a volatile week.
Elsewhere, FedEx and General Mills experienced declines despite reporting strong profits, as their future forecasts dampened investor enthusiasm. Overseas, stock markets displayed mixed outcomes with minor losses in Europe and gains across Asian indices.
(With inputs from agencies.)
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