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3d ago

U.S. Markets Rally on Oil Price Drop as Iran-Israel Conflict Escalates

Investors drove major indexes higher after Brent crude slid to $73 per barrel on bets of a Fed rate hold

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Overview

  • The Dow Jones Industrial Average jumped 290 points (0.7%) and the Nasdaq Composite rose 1% on June 16, led by strong gains in technology stocks.
  • Brent crude oil fell nearly 1.4% to $73 per barrel as traders grew optimistic the regional conflict would not spread further.
  • The four-day clash saw Iran reportedly strike an Israeli oil refinery and disrupt parts of the power grid in renewed attacks.
  • Two U.S. officials told Reuters that President Donald Trump vetoed an Israeli proposal to assassinate Iran’s Supreme Leader Ayatollah Ali Khamenei.
  • Market participants widely expect the Federal Reserve to keep its benchmark interest rate unchanged at the conclusion of this week’s policy meeting.