Wall Street stocks rise on US-Iran accord
While the US and Iran have characterised key elements of their agreement differently, the announcement has prompted a retreat in oil prices.
A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City on Jun 28, 2021. (File photo: Reuters/Andrew Kelly)
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NEW YORK: Wall Street stocks opened higher on Monday (Jun 15) after the United States and Iran announced a deal to end the Middle East war that sent oil prices sharply lower.
While the two sides characterised key elements of the agreement differently, the announcement prompted about a 5 per cent retreat in oil prices.
About 15 minutes into trading, the Dow Jones Industrial Average was up 1 per cent at 51,703.60.
The broad-based S&P 500 climbed 1.5 per cent to 7,544.90, while the tech-rich Nasdaq Composite Index gained 2.4 per cent to 26,518.12.
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The accord does not immediately resolve key questions such as the future of Iran’s nuclear program, which will be part of a 60-day negotiation.
US President Donald Trump said the deal would lead to the reopening of the Strait of Hormuz, a key waterway in oil transport.
Vice President JD Vance said on CNBC that the strait would reopen “toll-free”, but Iranian officials said they plan to charge maritime service fees.
Briefing.com analyst Patrick O’Hare said the announcement “sounds more like a tentative deal than a definitive deal”, according to a note.
But the announcement is “what the market’s been waiting for three months”, said Art Hogan of B. Riley Wealth Management
“Realistically, it’s going to take longer than some might anticipate to actually get the straight open and get the flow of hydrocarbons through to their end users, but this is the step in the right direction,” Hogan said.
Among individual companies, SpaceX continued to climb in its second day of trading after last week’s initial public offering. Shares jumped 7.1 per cent.
TripAdvisor jumped 8.2 per cent after announcing it sold TheFork, a European restaurant platform, to American Express for $700 million. American Express gained 2.8 per cent.
Source: AFP/nh
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