Wall Street stocks shrugged off early weakness and pushed higher as investors weighed whether escalating US-Iran tensions would significantly affect the economy. Stocks opened the session lower, extending Friday’s skittishness following the US killing of Qasem Soleimani. But equities picked up support later in the day as investors seemed to remember that market pullbacks induced by unexpected geopolitical events are frequently short-lived.
The Dow Jones Industrial Average rose 68.67 points, or 0.24 per cent, to 28,703.55, the S&P 500 gained 11.44 points, or 0.35 per cent, to 3,246.29 and the Nasdaq Composite added 50.70 points, or 0.56 per cent, to 9,071.47.
The Soleimani killing and the ensuing back-and-forth between Washington and Tehran has challenged sentiment on Wall Street compared with late 2019, when markets repeatedly hit new records amid easing worries over US-China trade talks. Several large technology companies enjoyed banner days, including Google-parent Alphabet and Salesforce, which jumped 2.5 per cent and 4.4 per cent, respectively, following analyst upgrades.Morning-Market-Note-Tuesday-7th-January