Dow Rallies More Than 400 Points on Last Day of March with Hopes the U.S.-Iran War Could End Soon
Stocks rose on Tuesday following new reports giving investors hope that the U.S.-Iran war could soon come to an end.
The Dow Jones Industrial Average jumped 419 points, or 0.9%. The S&P 500 gained 1.3%, and the Nasdaq Composite advanced 1.7%.
The Wall Street Journal reported that President Donald Trump had told aides he was willing to end military hostilities in the Middle East even if the Strait of Hormuz remained largely shut. The New York Post later reported that the president believes the Iran war will likely end soon, with other nations taking the lead in reopening the Strait of Hormuz.
The technology sector, which had been under pressure since the conflict began, rose broadly. The Technology Select Sector SPDR Fund (XLK) traded 1.5% higher. Nvidia climbed nearly 3%, and Microsoft advanced 1.5%.
“Any steps toward ending the war overall, the stock market likes, and so, you are getting that relief rally,” said Eric Diton, president at The Wealth Alliance. “But no, we’re not out of the woods.”
“The bottom line is, if we haven’t solved the oil problem, then that continues to put pressure,” Diton added.
Source : Newsmaker.id
