Stocks jump, oil slides on tech earnings, Iran peace prospect
Key takeaways
- Brent crude , the global benchmark, plunged to just below $100 per barrel, its lowest in two weeks, given the importance of oil passing through the Strait of Hormuz.
- On Wall Street, a humming U.S. corporate profit engine continued to rally U.S. stocks to record highs.
- Europe’s STOXX 600 index (.STOXX), extended its gains and was last up 2.2% after climbing 0.7% a day earlier.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Stocks surged and oil prices dropped on Wednesday after a report that the United States and Iran are closing in on an agreement to end the war in the Gulf, while momentum in AI-driven trades accelerated.
Brent crude , the global benchmark, plunged to just below $100 per barrel, its lowest in two weeks, given the importance of oil passing through the Strait of Hormuz. Brent was last trading at $101.56, down 7.5% on the day.
On Wall Street, a humming U.S. corporate profit engine continued to rally U.S. stocks to record highs. The Dow Jones Industrial Average (.DJI), added 1.1%, the S&P 500 .SPX, rose 1.2%, and the Nasdaq Composite (.IXIC), jumped 1.6%.