US stock exchanges experienced significant gains on Wednesday. By the close of trading in New York, the Dow Jones Industrial Average had reached 49,911 points, marking a 1.2 percent increase from the previous day. Additionally, the broader S&P 500 was up 1.5 percent, calculating at roughly 7,365 points, while the technology-focused Nasdaq 100 rose 2.1 percent, hitting around 28,599 points.
Markets remained optimistic despite the pause of “Project Freedom” which involved the US Navy escorting commercial vessels through the Strait of Hormuz. Positive investor sentiment was bolstered by reports suggesting the US increasingly expects a swift resolution to negotiations with the Iranian regime. Furthermore, surprisingly strong earnings reports from chip manufacturers fueled hopes for an ongoing boom in artificial intelligence.
In currency markets, the European common currency gained ground by Wednesday evening, with the euro trading at $1.1750 per dollar, meaning the dollar cost 0.8511 euros.
Commodity performance was mixed. Gold saw sharp gains, reaching $4,697 per fine ounce by the evening (+3.1 percent), equivalent to €128.51 per gram. Conversely, oil prices dropped sharply. By Wednesday evening (German time), a barrel of North Sea Brent crude cost $98.33, a significant decrease of 10.5 percent (or 1,154 cents) compared to the previous trading day’s closing price.