US Stock Markets Surge as Truce in Israel-Iran Conflict Eases Fears
The US stock markets closed with significant gains on Tuesday, with the Dow Jones Industrial Average reaching a value of 43,089 points at the close of trading in New York, a 1.2 percent increase from the previous day’s trading. The broader S&P 500 index, meanwhile, rose by 1.1 percent to around 6,090 points, while the tech-heavy Nasdaq composite index gained 1.5 percent to approximately 22,190 points.
The improvement in market sentiment can be attributed in part to the ceasefire agreement between Israel and Iran, which had been a major source of concern for investors in recent days. Fears of a potential blockade of the Strait of Hormuz by Iran, which could disrupt the global energy market, had weighed heavily on the markets last week.
In line with the improved market mood, the price of oil plummeted, with a barrel of North Sea Brent crude selling for around $67.65 at the close of trading on Tuesday, a decline of 5.4 percent from the previous day’s close.
The euro, meanwhile, strengthened against the US dollar, with one euro equivalent to 1.1615 US dollars and one US dollar trading at 0.8610 euros.
The gold price also experienced a significant decline, with a troy ounce selling for around $3,323, a 1.4 percent decrease from the previous day’s close, equivalent to a price of 91.97 euros per gram.