US stocks rise on hopes for Iran-Israel ceasefire
NEW YORK: Wall Street stocks rose early Tuesday, extending a rally as markets cheer an apparent ceasefire in the Iran-Israel war.
US President Donald Trump said that the truce between Iran and Israel was in effect, a day after Tehran struck at a US base in Qatar – a move that came after US strikes on Iranian nuclear facilities.
The Iranian missile launch did not damage oil infrastructure.
Stocks had risen Monday following a steep drop in oil prices.
About 25 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent at 42,895.54.
Wall St climbs after Fed's Bowman hints at rate cut
The broad-based S&P 500 gained 0.8 percent to 6,070.44, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 19,835.16.
Meanwhile, Federal Reserve Chair Jerome Powell emphasized in prepared congressional testimony that the central bank can afford to wait for the impact of tariffs before deciding on further interest rate cuts.
The statement comes as Powell faces continuing pressure from Trump to cut interest rates. It also comes after two Fed officials recently expressed openness to cuts as early as in July.
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Ceasefire?
Listen to article It's ceasefire! Israel and Iran are apparently returning from the brink. A desperate deal doctored by US President Donald Trump is on the cards, primarily meant to save the skin of his allied-ally. To what extent this unassured and fragile understanding will hold is hard to guess, as both the Jewish state and the Islamic republic are not in it by heart. An episode of mutual destruction played for 12 days has cost them their regional reputation, and they are now in a state of utter destruction. The only good point is that the world has been saved from a third world war, and it seems some tactical diplomatic alignment will reshape a new order in the Middle East. Tel Aviv's aggression over Tehran under the aegis of Washington not only exposed its hegemonic designs, but also the gruesomeness of the US to bomb Iranian nuclear installations. As per International Law, both these states must face retribution for violating Iran's sovereignty and, especially, the Trump administration for waging a war without the Congressional approval. The hurried manner in which Trump scaled down from his rhetoric of "destroying" Iran and was desperate to seek cessation of hostilities is a telling tale of the capitulation of a superpower. The lethal Iranian retaliation on US bases in Qatar led to the meltdown, and the fantasy of regime change came crumbling down. Moreover, the security scare to the extent of annihilation that was evident over many of the Gulf States as missiles and jets flew over their territories, coupled with the fear of closure of Strait of Hormuz, led to a rapid rollback. Similarly, the digging of heels by Russia and China to stand with Iran was the writing on the wall for Israel and the US that this misadventure will not be limited to Persia, and could snowball into a major trans-regional catastrophe. Now is the time to get back to the dialogue table and address in a multilateral manner not only the issue of bad blood between the warring sides, but also the nuclear question as well as the Palestinian statehood.
