Hopes of easing geopolitical tensions are fuelling optimism on Wall Street, with US markets hovering near record highs as progress in Iran-US talks lifts investor sentiment.
Minutes into the trade, the Dow Jones Industrial Average rose 201.97 points or 0.41%, S&P 500 also rose over 0.56%, while Nasdaq was up 0.67%. The gains come after both benchmark indices closed at fresh record highs on Thursday, supported in part by a post-earnings surge in Alphabet Inc..
Investor sentiment was buoyed by reports that Iran had responded to US on Thursdya through Pakistan. Iran send its amendments to the agreement to US. The development pushed oil prices lower, easing concerns around inflation and input costs, key overhangs for global markets in recent weeks.
Market participants are also parsing corporate earnings as the busiest week of the reporting season draws to a close. Apple Inc. rose over 3% after the iPhone maker issued a stronger-than-expected revenue growth outlook, adding further support to the technology-driven rally.
Apple Inc., Salesforce Inc. gained nearly 4%, while Microsoft Corp., NVIDIA Corp and Boeing Co. were up nearly 1%. On the other hand, Home Depot Inc., Amazon.com Inc. and Walt Disny among the lossers for the day.
As the US market opened, spot gold fell 0.6% to $4,587.98 an ounce. Even as stocks rose, crude prices fell with the West Texas trading 2.3% lower at $102.64 per barrel. Brent crude futures also rose 4.92% to $104.53.
The Bloomberg Dollar Index was little changed, with the British Pound rising 0.1% at $1.3624 and the Japanese yen was at 156.64 per dollar.
Bitcoin, the largest traded cryptocurrency was up 2.3% at $78,248.21.
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