US stock exchanges saw significant gains on Wednesday. At the close in New York, the Dow Jones Industrial Average was calculated at 49,490 points, marking a 0.7% increase from the prior trading day. Slightly earlier, the broader S&P 500 was up 1.1% at approximately 7,138 points, while the tech-heavy Nasdaq 100 reached around 26,937 points, a rise of 1.7%.
Market participants expressed relief over the extension of the ceasefire in Iran. However, concerns escalated regarding the situation in the Strait of Hormuz, where reports indicated that Iran had attacked three cargo vessels. Officials warn that the longer the blockade persists, the more severe the impact on consumer goods is likely to be. In response to this instability, the International Energy Agency (IEA) has called on governments to implement targeted, short-term measures, particularly to promote public transport, and the purchase or leasing of electric cars, heat pumps, and modern electric ranges, especially for low-income households.
In currency markets, the European community currency weakened on Wednesday evening: the euro cost $1.1706, and consequently, the dollar fetched 0.8543 euros. The commodity markets also saw gains; the price of a fine ounce of gold rose to $4,738, representing a 0.4% increase, which equates to €130.12 per gram. Oil prices, meanwhile, increased sharply. At 10 PM German time on Wednesday, a barrel of Brent crude (North Sea grade) cost $101.50, a significant jump of 3.0% from the previous day’s close.
