Home Wall Street closes higher and recovers risk-off losses on the day
FXStreet News

Wall Street closes higher and recovers risk-off losses on the day

  • Nasdaq Composite Index ended up 0.6% at 9,071, after touching a Monday low of 8,943.50.
  • DJIA, ended up about 70 points, or 0.2%, at 28,703.
  • S&P 500 index finished-up higher by  0.4% at 3,246.

US benchmarks ended on Monday considerably higher despite the threats of a war between the US and Iran. The benchmarks started off on their knees, but throughout the day started to recover and in the 11th hour, staged a firm final push to the upside.

Subsequently, the Dow Jones Industrial Average, or the DJIA, ended up about 70 points, or 0.2%, at 28,703, after bleeding as many as 216.25 points at Monday’s low. The S&P 500 index finished-up higher by  0.4% at 3,246, after touching an intraday low at 3,214. The Nasdaq Composite Index ended up 0.6% at 9,071, after touching a Monday low of 8,943.50.

Markets don’t expect war in the Middle East

Tensions were higher over the weekend following the US airstrike in Iraq last week killed, Qassem Soleimani, a powerful Iranian general, lending to a risk-off start in Asia following a risk-off close on Wall Street on Friday. However, European markets recovered and the positive mood moved over the US stocks as traders presumed that the unthinkable will not become a reality and escalation of tensions will conclude in a cease-fire in the provocation. That said, retaliation could instead come in a proxy attack, something which the US would not see fit to respond to. 

DJIA levels

 

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.