The U.S. stock market rose to record levels after trading resumed following a holiday. The S&P 500 gained 0.6% and reached an all-time high, while the Nasdaq composite rose 1.2% to a record. The Dow Jones Industrial Average fell slightly from its all-time high. Markets outside the U.S. pulled back as fighting continued in the region and the U.S. carried out self-defense strikes in southern Iran, including missile launch sites and mine-laying boats. Brent crude rose 3.5% to $96.67, while U.S. crude fell 2.8% to $93.89. Oil prices have been volatile since attacks in late February closed the Strait of Hormuz and constrained tanker deliveries, contributing to inflation. Optimism about improved oil flow lifted fuel-sensitive companies and big technology stocks, including Micron Technology after an analyst price-target increase.
"The U.S. stock market rose to records Tuesday as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were "proceeding nicely" with Iran on ending their war. The S&P 500 climbed 0.6% after trading resumed following Monday's holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 118 points, or 0.2%, from its all-time high."
"Stock markets in much of the rest of the world pulled back from their gains the day before, as fighting continued in the region and the U.S. military said it carried out "self-defense" strikes in southern Iran, including on missile launch sites and boats placing mines. Markets have rallied in the past on hopes for a coming end to the war with Iran, only to see the conflict drag on."
"The price for a barrel of Brent crude, the international standard, rose 3.5% to $96.67, but that reclaimed only some of its plunge from Monday. The price for a barrel of U.S crude oil, meanwhile, fell 2.8% to settle at $93.89. Oil prices have been at the center of financial markets' action since the United States and Israel attacked Iran in late February. The ensuing war has closed the Strait of Hormuz and kept oil tankers pent up in the Persian Gulf instead of delivering crude to customers worldwide."
"Hopes for a deal to improve the flow of oil helped lift stocks of companies with big fuel bills. United Airlines rose 6%, and Norwegian Cruise Line Holdings steamed 4.9% higher. Big technology stocks also continued their big runs. Micron Technology's stock leaped 19.3% to top $895.88 and was the strongest force lifting the S&P 500 after analysts at UBS led by Timothy Arcuri raised their 12-month price target for the stock to $1,625 from $535."
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