Major Market Rebound as Economic Confidence Grows
Following a rocky start to the week, the S&P 500 experienced its best day since November 2022, while the Dow Jones Industrial Average surged by nearly 700 points. This significant market shift was fueled by encouraging data indicating that unemployment claims in the U.S. were lower than anticipated, as reported by CNBC.
Eli Lilly Leads Wall Street Gains
Among the top gainers on Wall Street was the pharmaceutical giant Eli Lilly, whose stock price climbed nearly 10% to $845.31. This increase comes amidst a surge in demand for its weight-loss medication Zepbound and diabetes treatment Mounjaro.
Consequently, the Dow Jones rose by 1.76%, closing at 39,446.49 points. The S&P 500 increased by 2.3% to finish at 5,319.31 points, while the Nasdaq composite, which is heavily weighted towards technology stocks, closed at 16,660.02 points, up by 2.87%. A significant contributor to this rally was Nvidia, whose shares rose by 6.13% to $104.97.
Oil Markets React to Geopolitical Tensions
Geopolitical tensions continue to impact oil markets, particularly regarding potential retaliatory actions by Iran against Israeli targets. Tehran has vowed to respond to the recent attack that resulted in the death of Hamas leader Ismail Haniyeh, and investors are closely monitoring developments. As a result, major oil prices have increased by about 1%, with West Texas Intermediate (WTI) crude reaching $76.16 per barrel. Since the beginning of the year, WTI has appreciated by 6.34%.
Meanwhile, the European benchmark, Brent crude, closed trading at $79.16 per barrel.
Currency and Gold Market Updates
In the currency markets, one euro is exchanging for $1.0917, while the British pound is trading at $1.2746.
The price of gold has also risen, climbing by 1.34% to $2,465.30 per ounce.
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