US Stock Markets Post Gains on Monday
The US stock markets closed with gains on Monday, with the Dow Jones Industrial Average reaching 42,581 points, a 0.9 percent increase from the previous trading day. The S&P 500, a broader market index, finished at around 6,025 points, up 1.0 percent, while the Nasdaq 100, a technology-focused index, closed at approximately 21,855 points, a 1.1 percent gain.
Investors likely kept a close eye on the developments between the US and Iran, as well as the oil price, as the Iranian counterattack on Monday was relatively mild, leading to a sense of relief on Wall Street. There was particular concern that Iran might block the Strait of Hormuz, a crucial global energy transportation route, which could have harmed the country’s economy as well. The Iranian parliament had previously approved this measure in response to US attacks.
Meanwhile, the oil price plummeted, with a barrel of North Sea Brent crude costing around $71.11 at 22:00 CET, a decrease of 590 cents or 7.7 percent from the previous trading day.
The euro, the European common currency, was stronger on Monday evening, with one euro equivalent to 1.1578 US dollars and one US dollar to 0.8637 euros.
Gold prices benefited from the market’s sentiment, with a fine ounce selling for $3,376, a 0.2 percent increase, or 93.74 euros per gram.