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Stocks open higher on Wall Street and crude oil prices drop 6% as Mideast tensions cool
AP News • • general
Key Points:
- Stocks opened higher on Wall Street with the S&P 500 up 0.8%, the Dow Jones rising 581 points, and the Nasdaq gaining 1%, following a pause in U.S.-Iran attacks and resumed talks on ending the conflict.
- Oil prices dropped sharply, with Brent crude falling about 6.8% to $85.49 a barrel and U.S. crude down 7% to $83.06, easing geopolitical tensions that had impacted markets.
- Chinese memory chipmaker CXMT surged 466% in its Shanghai debut, becoming China’s most valuable listed company with a market cap near $490 billion.
- Global markets responded positively, with major European and Asian indices posting gains amid hopes for a ceasefire deal and easing inflation concerns.
- Investors remain cautious ahead of the Federal Reserve meeting, as rising inflation and energy costs continue to influence expectations about possible interest rate hikes.
