U.S. stocks climbed near their all-time high after oil prices eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.
The S&P 500 rallied 1.1 percent Tuesday and got back within 0.8 percent of its record. The Dow Jones Industrial Average rose 1.2 percent, and the Nasdaq composite jumped 1.4 percent.
Oil prices fell roughly 6 percent and are below where they were before the Israel-Iran conflict began. That could give the Federal Reserve leeway to cut interest rates to help the economy, and its chair said it’s waiting for the right time to do so.
On Tuesday:
The S&P 500 rose 67.01 points, or 1.1 percent, to 6,092.18.
The Dow Jones Industrial Average rose 507.24 points, or 1.2 percent, to 43,089.02.
The Nasdaq composite rose 281.56 points, or 1.4 percent, to 19,912.53.
The Russell 2000 index of smaller companies rose 28.53 points, or 1.3 percent, to 2,161.21.
For the week:
The S&P 500 is up 124.34 points, or 2.1 percent.
The Dow is up 882.20 points, or 2.1 percent.
The Nasdaq is up 465.12 points, or 2.4 percent.
The Russell 2000 is up 51.95 points, or 2.5 percent.
For the year:
The S&P 500 is up 210.55 points, or 3.6 percent.
The Dow is up 544.80 points, or 1.3 percent.
The Nasdaq is up 601.74 points, or 3.1 percent.
The Russell 2000 is down 68.95 points, or 3.1 percent.
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