The US stock market is nearing record highs as it rides a rally over the past two weeks, driven by hopes that the global economy might dodge a crisis despite tensions from the US-Iran conflict.
As of early trading, the S&P 500 edged up 0.2%, with the Dow Jones and Nasdaq also showing gains. This upward momentum stems from anticipation of renewed ceasefire talks and oil flow resumption through the critical Strait of Hormuz. If these expectations falter, the stock market might drop again.
Oil prices saw fluctuations, with Brent crude rising to USD 94.94 per barrel amid the prevailing caution. Meanwhile, key banks like Bank of America and Morgan Stanley reported solid profits, indicating a resilient US economy and boosting investor confidence.
(With inputs from agencies.)