US Stock Market Movement | Tech Stocks Rise and Oil Prices Fall, Dow Up Over 400 Points

Technology stocks lead the rally, coupled with falling oil prices, boosting investor confidence. The Dow Jones Industrial Average rose over 400 points.

As of 11:10 p.m. Hong Kong time, the Dow was at 46,980 points, up 421 points or 0.91%; the S&P 500 was at 6,701 points, up 69 points or 1.04%; the Nasdaq was at 22,384 points, up 278 points or 1.26%.

U.S. President Trump increased pressure on various countries, aiming to help reopen the Strait of Hormuz, and stated that the U.S. is in dialogue with Iran. NATO noted that some member countries are discussing with the U.S. and others on how to ensure the maritime safety of the Strait of Hormuz.

Meanwhile, oil tankers have begun passing through the Strait of Hormuz again, easing market concerns over supply disruptions. India is also trying to arrange passage for six additional oil tankers, and other countries are engaging with Iran through informal channels to ensure the safe passage of their oil tankers.

Alexandre Baradez, Chief Market Strategist at IG Markets, believes that oil prices remain a key factor influencing market sentiment. When oil prices fall back to around $100 per barrel, it indicates a slight decrease in the market’s risk assessment of escalating conflicts.

In European markets, the FTSE 100 index in the UK closed at 10,357 points, up 95 points or 0.94%; Germany’s DAX rose 172 points or 0.74% to 23,620; France’s CAC 40 increased 39 points or 0.5% to 7,950; Italy’s FTSE MIB gained 150 points or 0.34% to 44,467.