US markets close higher, fuelled by cheaper oil
Wall Street stocks rebounded on Friday to finish a volatile week on a positive note, greeting a drop in oil prices on hopes for a US-Iran agreement that could lead to the reopening of the Strait of Hormuz. The Dow Jones Industrial Average added 478.64 points, or 0.9 percent, to 51,828.62, the S&P 500 gained 39.38 points or 0.5 percent to 7,743.41, and the Nasdaq Composite rose 129.35 points, or…
On Friday, US markets saw a higher close as oil prices fell, buoyed by hopes of a US-Iran agreement that could reopen the Strait of Hormuz. The Dow Jones Industrial Average rose 0.9% to 51,828.62, while the S&P 500 added 0.5% to 7,743.41, and the Nasdaq Composite increased 0.5% to 27,068. Investors were optimistic about the potential diplomatic solution, but analysts noted Iran's unchanged conditions.
The drop in oil prices, driven by expectations of the Strait of Hormuz reopening, caused a two percent decline. Despite inflation fears and potential Gulf supply cuts, strong corporate and economic fundamentals kept the markets in positive territory. The benchmark US 10-year Treasury yield rose to its highest level since 2007, reflecting investors' demand for higher returns.
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