US stocks rally after Trump’s Iran n-deal decision

US stocks rally after Trump’s Iran n-deal decision
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New York: US stocks ended higher on Wednesday as Wall Street continued to digest US President Donald Trump’s decision to withdraw from the Iran nuclear deal.

The Dow Jones Industrial Average was up 182.33 points, or 0.75 per cent, to 24,542.54. The S&P 500 was up 25.87 points, or 0.97 per cent, to 2,697.79. The Nasdaq Composite Index was up 73.00 points, or 1.00 per cent, to 7,339.91, Xinhua reported.

In a televised speech on Tuesday, Trump announced the exit, adding he will not sign the waiver of nuke-related sanctions against Iran.

Some analysts said Trump’s decision could send oil prices higher, which would impact companies’ earnings.

Oil prices surged Wednesday after Trump’s decision, with both US oil and Brent crude jumping above 3 per cent.

Lifted by the rising oil prices, the energy sector jumped 2.03 percent as the biggest advancer among the S&P 500’s eleven sectors.

On the economic front, the Producer Price Index for final demand rose 0.1 per cent in April, seasonally adjusted, missing market consensus of a 0.3-per cent gain, the US Labor Department reported on Wednesday.

In corporate news, shares of Walt Disney, a Dow component, fell 1.79 per cent to $99.97 apiece on Wednesday even after the company reported better-than-expected quarterly earnings.

IANS