Major indexes erased steep losses after President Donald Trump said the war with Iran could be over soon. Crude prices also cooled off, pulling back from earlier highs near $120 as Trump noted the U.S. is considering taking control of the Strait of Hormuz. A release of oil reserves may be on the cards as well, with the Group of Seven nations planning to meet virtually tomorrow morning.
Semiconductor sector strength boosted sentiment, with Micron Technology, Broadcom, and Nvidia among the gainers. Both the Dow and Nasdaq advanced triple digits, with the S&P 500 also managing to eke out a solid gain as well.
Oil Cools as U.S. Considers Strait Control
After surging to nearly $120 in intraday trading, crude prices pulled back after President Trump said the U.S. is considering taking over the Strait of Hormuz. April-dated West Texas Intermediate (WTI) crude climbed 4.3% to close at $94.77 per barrel as G7 countries weighed tapping into crude reserves, but was last seen down 6.2%.
Gold prices also dropped, as the U.S. greenback strengthened and geopolitical tensions remained in focus. April-dated gold futures shed 1.1% to settle at $5,103.70 an ounce.
Comments
Log in or sign up to join the conversation.