Does Democrat rout mean peace could break out?
SPY•U.S. stocks rose, with the S&P 500 and Nasdaq up more than 1.5% and the Dow up more than 2.5%. WTI crude fell as much as 8% as investors weighed whether the election could lead to progress in Middle East peace negotiations.
1. Stocks climb, oil falls
The S&P 500 and Nasdaq rose more than 1.5%, while the Dow gained more than 2.5%. The STOXX 600 was up about 2%; gold and bitcoin surged, the dollar dipped and U.S. oil fell about 8%. The 10-year Treasury yield was 4.92%.
2. Investors weigh election
WTI crude fell as much as 8% on easing supply concerns and expectations that peace negotiations could yield substantive results. The S&P 1500 Aerospace Defense Index was down around 2%, among the day’s biggest laggards. Wealthspire Advisors’ Oliver Pursche said some investors believe U.S. policy toward Iran could shift and an end to the war could be accelerated.
