U.S. stocks entered the new trading week on a stronger note. Investors mainly reacted to reports of a preliminary peace agreement between the U.S. and Iran, which pushed oil prices lower and increased appetite for risk.
Read more: TOP 10 ways to make money online
Markets Supported by Agreement and Lower Oil Prices
Stocks in the United States rose at the start of the new trading week. They responded primarily to news of a preliminary peace agreement between the U.S. and Iran, which is helping to bring oil prices down. Shares of space company SpaceX, which began trading on Friday, continued to strengthen. Chipmakers also outperformed many other companies.
The Dow Jones index rose 0.92% to 51,671.03 points and closed at a record high. The broader Standard & Poor’s 500 index gained 1.65% to 7,554.29 points. The technology-focused Nasdaq added 3.07% to 26,683.94 points.
You might like: Zetano review
SpaceX Continues to Climb, While the Dollar Weakens
SpaceX shares ended their second day on the stock exchange with a gain of 19.6%. They had already risen by roughly 19% on Friday. Elon Musk’s company, whose listing made him the world’s first dollar trillionaire, is further strengthening its position as one of the most valuable companies in the world. “This is a company with significant growth potential. SpaceX is a typical growth stock,” said John Belton, analyst at Gabelli Funds.
Oil prices began to fall sharply after the U.S. and Iran reached a preliminary agreement to extend the ceasefire and reopen the Strait of Hormuz, which would restore the global flow of oil. The U.S. dollar dropped to its lowest level since June 5. Shortly before 22:00 CEST, the dollar index was down 0.1% at 99.65 points, the euro was up 0.2% against the dollar at USD 1.1594, and the dollar gained 0.04% against the yen to JPY 160.31.
Dont miss out on: FX Junction
Source: ČTK
