Wall Street rallies for second day in row as Mideast tensions cool
NEW YORK, New York - U.S. stock markest closed sharply higher on Tuesday as a truce entered into between Irsael and Iran after 12 days of hostilities appeared to be taking hold, after early fractures. The ceasefire was entered into following a shock intervention by the U.S. military on the weekend which largely destroyed the 3 key nuclear sites in Iran.
"The key event for the market was how quick and limited the U.S. involvement was, as well as the 'weak' response from Iran which was essentially a choreographed fireworks display for domestic consumption," Jon Brager, portfolio manager at Palmer Square Capital Management told CNBC Tuesday. "So even if the ceasefire results in occasional flare ups, the market has decided this risk is now in the rearview mirror and the focus probably returns to tariffs and fiscal policy."
The major U.S. indices in the aftermath of the peacemaking efforts, with all three major U.S. indices posting strong gains.
U.S. Markets Lead Gains
Standard and Poor's 500: Jumped 67.05 points (1.11 percent) to close at 6,092.22, lifted by strong performances across multiple sectors.
Dow Jones Industrial Average: Soared 507.24 points (1.19 percent) to 43,089.02, marking its best day in weeks.
NASDAQ Composite: Outperformed with a gain of 281.56 points (1.43 percent), closing at 19,912.53 as tech stocks led the charge.
Global Forex Markets Show Mixed Movements on Tuesday
The foreign exchange market saw the U.S. dollar retreat against many major currencies as hostilities in the Middle East subsided with a broad-based ceasefire agreement enacted between Israel and Iran.
Key Currency Pairs
EUR/USD (Euro/US Dollar): Rose to 1.1615, up 0.34 percent as the euro strengthened.
USD/JPY (US Dollar/Japanese Yen): Fell to 144.73, down 0.95 percent amid a weaker dollar against the yen.
USD/CAD (US Dollar/Canadian Dollar): Slipped slightly to 1.3728, declining 0.04 percent as the Canadian dollar held steady.
GBP/USD (British Pound/US Dollar): Jumped to 1.3623, gaining 0.76 percent in a strong session for the pound.
USD/CHF (US Dollar/Swiss Franc): Dropped to 0.8051, down 0.91 percent as the Swiss franc gained ground.
AUD/USD (Australian Dollar/US Dollar): Climbed to 0.6499, rising 0.64 percent on improved risk sentiment.
NZD/USD (New Zealand Dollar/US Dollar): Increased to 0.6014, up 0.69 percent alongside broader commodity currency strength.
Market Analysis
The U.S. dollar faced pressure against European and commodity-linked currencies, while the Japanese yen and Swiss franc also saw notable gains. The British pound was among the top performers, supported by positive economic data. Meanwhile, the Australian and New Zealand dollars benefited from improved market risk appetite.
Global Markets Rally on Tuesday with Gains Across Major Indices as Mideast Tensions Fade
Global stock markets saw a broad rally on Tuesday, with most major indices closing higher amid positive investor sentiment. following the ceasefire entered into by Israel and Iran following 12 days of hostilities which also brought in the United States military.
Canada
S&P/TSX Composite: Added 109.26 points (0.41 percent), settling at 26,718.62, supported by gains in energy and financial stocks.
UK and Europe
FTSE 100 (UK): Rose to 8,758.99, gaining 0.95 points (0.01 percent).
DAX (Germany): Jumped 372.57 points (1.60 percent) to 23,641.58.
CAC 40 (France): Climbed 78.42 points (1.04 percent) to 7,615.99.
EURO STOXX 50: Advanced 75.17 points (1.44 percent) to 5,297.07.
BEL 20 (Belgium): Added 49.44 points (1.11 percent) to 4,491.42.
Asia and Pacific
Hang Seng (Hong Kong): Surged 487.94 points (2.06 percent) to 24,177.07.
Nikkei 225 (Japan): Gained 436.47 points (1.14 percent) to 38,790.56.
S&P/ASX 200 (Australia): Increased 80.60 points (0.95 percent) to 8,555.50.
All Ordinaries (Australia): Rose 86.80 points (1.00 percent) to 8,774.80.
KOSPI (South Korea): Soared 89.17 points (2.96 percent) to 3,103.64.
TWSE (Taiwan): Rallied 456.74 points (2.10 percent) to 22,188.76.
SSE Composite (China): Added 38.98 points (1.15 percent) to 3,420.57.
Middle East Other Key Markets
S&P BSE SENSEX (India): Inched up 158.32 points (0.19 percent) to 82,055.11.
IDX Composite (Indonesia): Gained 82.03 points (1.21 percent) to 6,869.17.
EGX 30 (Egypt): Skyrocketed 1,179.80 points (3.76 percent) to 32,598.50.
TA-125 (Israel): Increased 42.35 points (1.47 percent) to 2,923.36.
Declining Indices
Investors remain optimistic as global markets continue to show resilience, with strong performances in Europe and Asia leading the charge.
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