S&P 500, Nasdaq and Dow Jones Industrial Average opened higher on Monday extending gains for the second day amid hopes of de-escalation reports.
Minutes into the trade, the Dow Jones Industrial Average rose 449.22 points or 0.99%, S&P 500 also rose over 1.26%, while Nasdaq was up 1.62%. The markets on Monday putt a pause on a war-triggered selloff that led to the longest stretch of losses since 2022.
President Donald Trump on Tuesday urged countries that did not help in the U.S.-Israeli strikes on Iran to buy American oil and go to the Strait of Hormuz and "just TAKE it." The remark comes less than 24 hours after threatening to blow up Iran's electric plants and oil wells if the Strait of Hormuz remains shut.
He further stated that countries will have to start learning how to fight for themselves.
"The USA won't be there to help you anymore, just like you weren't there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil."
Amazon.com Inc., Nvidia Corp., Microsoft Corp. rose over 2%, while JPMorgan Chase & Co., Nike Inc., Boeing Co., Walmart and Goldman Sachs Group Inc. were up over 1%. On the other hand, Procter & Gamble Co. and Coca-Cola Co. were among the losers for the day.
As the US market opened, spot gold rose 1.4% to $4,575.94 an ounce. Even as stocks gained, crude prices rose higher, with the West Texas trading 0.7% higher at $103.59 per barrel. Brent crude futures were also up 1% at above $101 per barrel.
The Bloomberg Dollar Index fell 0.3%, with the British Pound rising 0.5% at $1.3248 and the Japanese yen was at 159.26 per dollar.
Bitcoin, the largest traded cryptocurrency was up 0.3% at $66,786.98.
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