U.S. Stocks Rally as Oil Prices Pull Back; Nasdaq Hits New Record
U.S. stock markets bounced back Tuesday after oil prices declined, with the S&P 500 gaining 0.7% and the Nasdaq hitting a new all-time high. The relief came despite ongoing fragile ceasefire concerns in the Middle East, which had sent markets lower the previous day.
Market Recovery Amid Oil Pullback
The S&P 500 rose 0.7%, while the Nasdaq Composite gained 1% and hit a new all-time intraday high. The Dow Jones Industrial Average added 150 points, or 0.3%.
Crude prices declined across the board, giving equities a boost. West Texas Intermediate crude futures dipped 3% to above $102 per barrel. Brent crude futures lost 2% to trade at above $111 a barrel.
Geopolitical Risks Persist
The ceasefire between the U.S. and Iran remains fragile amid fresh attacks in the Strait of Hormuz. However, Defense Secretary Pete Hegseth signaled confidence in the ceasefire holding, providing some relief to markets.
Strong Earnings Support Rally
U.S. stocks were higher on Tuesday, while oil prices slid as traders reacted to a number of solid earnings results. The positive earnings momentum helped offset lingering geopolitical concerns.