U.S. stocks give back some of the rally sparked by Trump’s talk of negotiations with Iran
BNN Bloomberg
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
The price for a barrel of Brent crude oil rose 2.9 per cent to US$102.84, a day after slumping more than 10 per cent. The main measure of the U.S. stock market, the S&P 500, fell 0.4 per cent to give back more than a third of its climb from the day before.
The Dow Jones Industrial Average was down 127 points, or 0.3 per cent, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.8 per cent lower.
The optimism at the week’s start came after U.S. President Donald Trump raised hopes that the war could end soon when he said the United States and Iran held productive talks “regarding a complete and total resolution of our hostilities in the Middle East.” His announcement caused stocks to flip immediately from losses to gains.
It calmed worries that the war may cause a long-term disruption to the oil and natural gas industry in the Persian Gulf, one big enough to send a blast of inflation to the region’s customers worldwide.
But Iran has denied such talks are underway, and attacks continued on Tuesday. Iran remains highly suspicious of the United States, which twice under the Trump administration has attacked during high-level diplomatic talks, including with the Feb. 28 strikes that started the current war.
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