Wall Street gets a lift as oil drops on hopes for Hormuz reopening
NEW YORK, Sept 26 — Wall Street stocks bounced Friday to finish a volatile week on a positive note, greeting a dro...
On September 26, Wall Street stocks experienced a positive finish to a turbulent week, buoyed by a decline in oil prices and optimism surrounding a potential US-Iran agreement. The reopening of the Strait of Hormuz, a major shipping route, was seen as a possible outcome of this agreement. Both US President Donald Trump and Iranian President Masoud Pezeshkian delivered tough rhetoric during their UN addresses, but Iranian Foreign Minister Abbas Araghchi suggested a plan that included the reopening of the Strait within seven days.
Analysts noted that Iran's offer was far from promising, considering Iran's persistent refusal to alter its conditions. Despite the mixed signals from the UN General Assembly, major US stock indices closed in positive territory, with the S&P 500 gaining 0.5 per cent. However, the drop in oil prices raised concerns about inflation, as investors demanded higher returns for lending money.
The benchmark US 10-year Treasury yield reached its highest level since 2007, and Japan's government bond yields also reached multi-year highs. While a meeting between US President Donald Trump and Chinese President Xi Jinping helped lift investor sentiment, unresolved issues between the two countries on trade, tariffs, agricultural purchases, rare earths, and technology restrictions remained.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
