The stocks closed the day higher on Monday as investors got ready for a host of corporate earnings this week. Wall Street has also prepared for the heightened geopolitical tensions as the United States attempted to promote efforts to contain the conflict between Israel and Hamas.
The Dow and Jones Industrial Average increased more than 300 points, or 0.9%, while the tech-heavy Nasdaq Composite led the gains of the day and was up by 1.2%. The S&P 500, on the other hand, profited more than 1%.
The earnings season has picked up steam this week, with the Goldman Sachs and the Bank of America report due Tuesday after their upbeat results from the Wall Street peers. Updates from Tesla and Netflix kicked off the earnings of tech on Wednesday, which is likely to be scrutinized for the clues to the resilience of the sector despite the higher-for-longer rate of interest.
Additionally, with the results by JPMorgan on Friday, CEO Jamie Dimon mentioned that this could be “the most dangerous time the world has seen in decades,” a warning which keeps resonating days later.
Investors kept their focus on the crisis in the Middle East and are currently on whether the United States and its allies will be able to stop the clash from pulling in other countries, particularly Iran. A full regional conflict may send prices of oil surging quite above $100 per barrel, which is risking a global recession, as believed by certain analysts. The futures of crude oil and Brent crude traded within a tight range on Monday. It was around $87 and $91 each barrel, after it climbed approximately 6% on Friday.
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