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Wall Street Extends Rally on Iran Peace Deal Hopes
Tech stocks and chip makers lifted the major indexes as investors reacted to reports that U.S.-Iran shipping tensions were easing.
- On Friday, Wall Street's major indices hit record highs, extending a ninth consecutive weekly gain as reports of a potential U.S.-Iran ceasefire agreement boosted investor optimism.
- Sources told Reuters that the U.S. and Iran agreed to extend a ceasefire and lift shipping restrictions through the Strait of Hormuz, though President Donald Trump has yet to approve the accord.
- The tech sector jumped 2.2 per cent, led by chip stocks, as sustained artificial intelligence enthusiasm drove broad market gains pushing major averages toward monthly highs.
- Bob Savage, head of markets macro strategy at BNY, noted markets are ending May with a "risk-on bias" driven by lower oil prices and contained tensions.
- Investors now turn to next week's nonfarm payrolls report and earnings from CrowdStrike Holdings, Palo Alto Networks, and Broadcom, while June historically presents challenges for midterm election-year markets.
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Donald Trump has announced a final decision on the Iran agreement, which drives Wall Street. AI and technology stocks also benefit from an euphoric mood on the market.
US STOCKS-Wall Street hits new closing highs on tech strength, Middle East deal hopes
NEW YORK — Wall Street's main indexes hit record closing highs Friday and posted weekly and monthly gains as Dell results drove tech shares higher, while investors awaited details on a potential U.S.-Iran deal.
·Billings, United States
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Wall Street rides high into June on hopes that the war will soon come to an end. Here's what's ahead
The stock market continues to bet on some sort of resolution will be found with Iran. But there are also no shortages of other risks heading into a new month.
·Englewood Cliffs, United States
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Coverage Details
Total News Sources19
Leaning Left1Leaning Right4Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
C 50%
R 40%
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