New York stocks rally across the board on Big Tech rebound; oil also edges higher

[The Financial News] New York stocks ended higher on the 9th (local time), buoyed by strength in technology shares and expectations of increased Russian diesel supplies. Hopes for easing tensions in the Middle East also supported investor sentiment.
The Dow Jones Industrial Average rose 423.31 points (0.83%) from the previous session to close at 51,654.95. The S&P 500 gained 0.59% to 7,811.54. The Nasdaq Composite rose 0.64% to close at 27,366.17.
Technology stocks, which had weakened the previous day amid concerns about the growth prospects of the artificial intelligence (AI) industry, rebounded and led the indexes higher. Palo Alto Networks jumped 5.09%, while CrowdStrike also gained 4.57%. Microsoft and Amazon rose 2.38% and 3.29%, respectively.
President Donald Trump’s statement that he was continuing productive talks with Iran and would not attack the country before the midterm elections on the 3rd of next month also boosted market risk appetite. Trump announced that day that he and Russian President Vladimir Putin had agreed to expand Russian diesel supplies.
Oil prices initially fell on hopes for easing tensions in the Middle East, but turned higher as concerns about disruptions to oil production in the Gulf of Mexico came to the fore. On the New York Mercantile Exchange (NYMEX), November-delivery West Texas Intermediate crude oil (WTI) rose 0.39% from the previous session to $91.85 a barrel. December Brent crude settled up 0.42% at $104.72 a barrel.
[email protected] Jeonghwa Lee Reporter