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U.S. Markets Rebound Amid Israeli-Gaza Tension, Oil and Defense Stocks Surge

Algoine News
Summary:
On October 9, 2023, U.S. markets managed to recover from initial insecurity due to Israeli-Gaza tension and finish positively. The Dow and S&P 500 ended with 0.5% and 0.6% increases, while Nasdaq gained 0.4%. Gold, defence-related firms, crude oil variants, and the U.S. Dollar Index saw significant increases, while the Euro deteriorated. The Yen saw variation in its value from the start of the year until after the Bank of Japan's intervention announcement.
On October 9, 2023, despite initial insecurities due to escalating tensions in the Israeli-Gaza conflict, American markets managed to overcome the quiver, finishing the day on a high note. The Dow ended the day with a 0.5% increase, at 33,604.65. The S&P 500 soared by 0.6%, stopping at 4,335.66, while the tech-focused Nasdaq ended the day at 13,484.24, marking a 0.4% advancement. Despite a small decline early in the day, with the S&P slipping from 4281.91 to 4285.73, losing 3.852 points, it managed to bounce back by the end of the day boomerang. Similar downward and upward shifts were seen in the two other indices as well. The S&P 500's performance for the day can be viewed in a one-day chart from MSN Money. Over the weekend, Hamas, a Palestinian militant organization, instigated an assault on Israel, sparking a new wave of warfare that initially led to some trepidation amongst traders, introducing a bearish sentiment in the market. However, throughout the day, such fears were largely dismissed. Defense-related firms like Lockheed Martin and Northrop Grumman Corp experienced surges of 8.5% and 11% respectively. Furthermore, the prospect of rising oil prices boosted oil producers, and turmoil leading to a spike in Gold by $13.59 (0.74%), landing it at $1,861.53. Gold's progress is chronicled in a one-day gold chart from GoldPrice and TradingView. Both crude variants also saw significant gains, with West Texas Intermediate reaching $86.29, a 4.24% increase for the day, and Brent crude climbing to $88.05, marking a 4.09% progression. Despite a report from GasBuddy stating a $0.11 decrease per gallon in US gasoline prices, the rally prompted by war-related news still persisted. Subsequently, the US Dollar Index rose by 0.03%, amounting to 106.08. As a contrast, the Euro slipped by 0.2220%, concluding at 1.0566. The yen, however, saw an increase of 0.5138%, which consequently increased the amount of yen required to buy a dollar to 148.5070. Following the Bank of Japan's September 25th announcement of intervention if the yen plunged further, its trade has been relatively flat. That day marked a turnaround after the yen shed off 13% of its value from the start of the year. The sources for this news include CNBC, OilPrice, Yahoo Finance, MSN Money, and Marketwatch. Vintage Finance remains committed to deeper exploration and reporting on traditional financial news, documenting the evolution of the global markets and economies from ancient times to the present.

Published At

10/9/2023 10:00:56 PM

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