US stock markets gained significantly on Wednesday. By market close in New York, the Dow Jones registered 49,490 points, marking a gain of 0.7 percent compared to the previous trading day. Slightly earlier, the broader S&P 500 had climbed 1.1 percent, reaching around 7,138 points. Meanwhile, the technology-focused Nasdaq index recorded gains of 1.7 percent, closing at approximately 26,937 points.
Market participants appeared relieved by the extension of the ceasefire in Iran, although tensions remain escalating in the Strait of Hormuz, where Iran reportedly attacked three freighters. The International Energy Agency (IEA) noted that the longer the blockade on the strait continues, the greater the potential impact on consumers. Consequently, the IEA is calling on governments to implement targeted, short-term measures to promote public transit, as well as the purchase or leasing of electric vehicles, heat pumps, and modern electric stoves, especially for low-income households.
In currency markets, the European common currency weakened by Wednesday evening. The euro exchanged at 1.1706 US dollars, meaning the dollar was bought for 0.8543 euros.
Commodity prices saw varied movements: Gold gained, trading at $4,738 per fine ounce by the evening, representing a 0.4 percent increase, which equated to 130.12 euros per gram. Oil prices rose sharply, with a barrel of North Sea Brent crude costing $101.50 by Wednesday evening German time, an increase of 3.0 percent compared to the previous day’s close.