Graeme Demianyk
1 min read
Despite blockades in the Strait of Hormuz and failed peace talks, a key stock market has recovered all of its losses since the U.S. and Israel began airstrikes in Iran — and is closing in on an all-time high.
The S&P 500 index closed Monday at 6,886.24, above its close on Feb. 27, just before the war began.
And the market that tracks America’s biggest 500 publicly-traded companies continued to surge Tuesday, standing at around 6,950 at midday EDT, and on track for its ninth gain in the last 10 days.
The index topped 7,000 for the first time ever in January.
The Dow Jones Industrial Average and the Nasdaq composite are also on an upward trajectory.
Oil prices are still high, which is causing concerns about the prospect of a global recession and raising fears about inflation, with the price for a barrel of Brent crude oil $95.91 — above roughly $70 per barrel before the war.
But traders appear to be seizing on any semblance of progress in the Middle East, with a second round of peace negotiations reportedly under discussion.
“Investors are embracing any nugget of good news as they grow tired of uncertainty caused by the Iran crisis,” said Dan Coatsworth, head of markets at investment platform AJ Bell, per the Wall Street Journal.
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