Wall Street soars as traders bet on potential war off-ramp
By Noel Randewich and Purvi
Agarwal
It must have been right around 12:30 pm that Trump told the Wall Street Journal that he was no longer holding the Strait of Hormuz as a condition for ending the war and Iranian media itself reported that the Iranian leader was now open to negotiation. For it was at that moment that all three indexes zoomed through the roof. The war has caused the biggest quarterly decline in four years and today saw the biggest one-day gain since last May.
It was the first hint of an exit since the conflict began and caused massive jubilation despite the otherwise bad news of hiring dropping to its lowest level in six years. So the real question is – can any of this be believed? Stay tuned. With all three indexes in a 10% correction until yesterday, we’re closing out Q1 with the S&P having regained all but 4.6%, the Nasdaq 7.1% and the Dow 3.6%. Volume was high, closing at 22.4 billion vs the 20.3 average.
DJ: 45,216.14 +49.50 NAS: 20,794.64
-153.72 S&P: 6,343.72
-25.13 3/30
DJ: 46,341.51 +1,125.37 NAS: 21,590.63
+795.99 S&P: 6,528.52
+184.80 3/31
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