Nasdaq Composite climbs 398 points on ceasefire extension
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US Stocks Surge as Trump Extends Ceasefire in Iran and Lebanon
The US stock market closed higher on Wednesday, with major indexes posting solid gains after President Trump extended the ceasefire in Iran and Lebanon. This move reassured investors, despite the absence of a clear timetable for further negotiations. The tech-heavy NASDAQ led the charge, with the US markets benefiting decisively from the geopolitical development.
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Market Performance
The Standard and Poor’s 500 closed at 7,137.89, gaining 73.88 points, or 1.05 percent, on a volume of 2.731 billion. The Dow Jones Industrial Average finished the day at 49,490.77, up 341.39 points, a rise of 0.69 percent, with 415.972 million shares changing hands. The NASDAQ Composite posted the strongest performance among the major US averages, soaring 397.60 points to end at 24,657.57, representing a gain of 1.64 percent.
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US Dollar Strengthens Modestly Against Euro and Franc
The US dollar posted a mixed performance against major currencies on Wednesday, gaining ground against the euro and the Swiss franc while showing little movement against the British pound. The euro weakened against the dollar, with the EUR/USD pair settling at 1.1708, down 0.003455 on the day, representing a decline of 0.29 percent.
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Currency Market Trends
The British pound was essentially flat, with GBP/USD last trading at 1.3507, edging lower by just 0.000025, a change of 0 percent. The dollar advanced against the Japanese yen, with USD/JPY settling at 159.48, gaining 0.1040, or 0.07 percent. The Swiss franc was notably weaker, with USD/CHF climbing 0.003770, a rise of 0.48 percent, to 0.7845.
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Global Markets Close Mostly Lower
Global stock markets closed with a decidedly negative tilt on Wednesday, as losses in the UK, Europe, and much of Asia outweighed modest gains in several key indices. Investors appeared to digest a mix of corporate earnings and economic signals, leading to a cautious end to the trading session. UK and European markets ended in the red across the board, with the FTSE 100 in London falling 21.63 points, or 0.21 percent, to close at 10,476.46.
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Asian and European Market Trends
Asian benchmarks were similarly mixed but leaned negative, with Hong Kong’s Hang Seng Index falling sharply, losing 324.24 points, or 1.22 percent, to close at 26,163.24. Australia’s S&P/ASX 200 dropped 105.80 points, or 1.18 percent, to 8,843.60, while the broader ALL ORDINARIES index lost 102.70 points, a decline of 1.12 percent, ending at 9,074.40. However, there were bright spots, with Japan’s Nikkei 225 bucking the trend, adding 236.69 points to close at 59,585.86, a gain of 0.40 percent.
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