S&P 500 Extends Seven-Day Rally as WTI Crude Surges 5%
Stocks reversed earlier losses as S&P 500 and Nasdaq Composite rose 0.6% and 0.8%, marking a seventh consecutive day of gains, while the Dow added 0.6% to turn positive for the year-to-date. West Texas Intermediate crude surged 5% to $99 a barrel and Brent climbed 2% to $97.
1. Market Performance
The S&P 500 rose 0.6% and the Nasdaq Composite gained 0.8%, extending their winning streaks to seven days, while the Dow Jones Industrial Average climbed 0.6%, pushing it into positive territory year-to-date.
2. Ceasefire Negotiations
Israel’s Prime Minister agreed to direct negotiations with Lebanon over the ceasefire, raising hopes that Tehran will reopen the Strait of Hormuz and restore global oil shipping through the critical waterway.
3. Oil Market Reaction
West Texas Intermediate crude futures jumped 5% to $99 a barrel and Brent futures rose 2% to $97 as traders anticipated reduced risk of prolonged supply disruptions in the Gulf.