Why Wall Street Is 'Buying the News' After U.S. Strikes Iran
The stock market spent the past week fretting that the U.S. would join Israel’s war with Iran. Wall Street sold the rumor. Now, traders are buying the news.
The Dow Jones Industrial Average was up 155 points, or 0.4%, in Monday morning trading. The S&P 500 gained 0.5%. The Nasdaq Composite rose 0.5%. Stocks gained steam after Michelle Bowman, the Federal Reserve's vice chair for supervision, said she would support lowering interest rates as soon as July if the central bank sees inflation pressures remain contained.
The most important asset to watch when it comes to the Middle East conflict is the price of oil, and West Texas Intermediate crude futures were actually down 0.3% to $73.63 Monday morning.
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