Stocks Surge as Middle East Tensions Subside
U.S. stocks rallied following a retreat in oil prices as hopes for a truce between Israel and Iran eased inflation worries. The Dow, S&P 500, and Nasdaq saw significant gains amidst expectations for steady Federal Reserve interest rates. Tech and communication services led sector gains.
U.S. stock markets experienced a positive shift on Monday, spurred by a dip in oil prices amid easing concerns over the ongoing Israel-Iran conflict. Investors welcomed the news as crude production and exports remained unscathed, temporarily quelling fears about rising energy costs potentially fueling inflation.
The Dow Jones Industrial Average climbed 317.30 points, or 0.75%, to close at 42,515.09. The S&P 500 and Nasdaq also posted robust gains, with increases of 0.94% and 1.52%, respectively. The Nasdaq's rise marked its most substantial daily percentage increase since May.
Market participants are also keenly awaiting the Federal Reserve's upcoming monetary policy decision, with most predicting no immediate changes in interest rates. Meanwhile, tech sectors led gains as companies like Advanced Micro Devices soared, reflecting broader bullish trends across U.S. exchanges.
(With inputs from agencies.)
ALSO READ
Manufacturing Growth Slows Amid Inflation and Geopolitical Tensions
Unexpected Inflation Surge Shocks Pakistan's Economic Forecast
Pakistan's Inflation Surges Beyond Expectations
UPDATE 2-Australia raises minimum wages by 3.5% as inflation eases
UPDATE 1-Australia raises minimum wages by 3.5% as inflation eases
Google News