Stocks rose on Tuesday in New York, following a robust trading session despite the collapse of peace talks between the U.S. and Iran. Investors remained hopeful that a deal could still be reached.
The S&P 500 index climbed 1.1%, while the Dow Jones Industrial Average increased by 301 points, or 0.6%. The Nasdaq Composite saw the largest gain, up by 1.8%. Technology stocks continued to drive the market higher. Notably, Oracle increased by 5%, adding to a more than 12% surge from the previous day. Other tech giants like Nvidia and Palantir Technologies also reported strong gains.
Wall Street’s performance showed resilience amid rising geopolitical tensions. Despite the failed U.S.-Iran negotiations over the weekend, major stock indices started the week on a positive note. President Donald Trump mentioned that the Iranian side is eager to make a deal, indicating potential for renewed discussions.
Monday’s gains reversed previous losses in the S&P 500 caused by the onset of conflict with Iran. Investment strategist Ross Mayfield expressed cautious optimism, suggesting that while further market declines due to Iran are possible, they are unlikely.
Crude oil prices fell, with West Texas Intermediate dropping 5% to above $93 a barrel, and Brent crude down 3% above $95. The lower-than-expected rise in the producer price index for March also contributed to more positive market sentiment. However, some companies faced setbacks, as Wells Fargo’s disappointing earnings led to a more than 5% drop in its stock. In contrast, JPMorgan Chase reported better-than-expected results, but reduced its revenue forecast, leading to a slight decline in its stock.
Test Your Understanding
How much do you know?
