Wall Street Opens Up, Trying To Restart Rally Amid US-Iran Conflict

NEW YORK (Pakistan Point News / Sputnik - 08th January, 2020) Shares on Wall Street rose on Wednesday as investors and traders tried to restart a rally on a market that opened the year at record highs but has struggled amid a dramatic escalation of the US-Iran conflict.

The top US stocks barometer, the S&P500, was up 0.3 percent at 3,247 at 10:00 a.m. ET (15:00 GMT) as global markets calmed on news of no casualties after Iran launched rockets at two US-Iraqi airbases to avenge the killing of Iranian general Qassem Soleimani in an American airstrike in Baghdad last week. US President Donald Trump was scheduled to address the nation at 11:00 a.m. on what the United States' reaction will be, Fox News reported.

The S&P500, which measures the value of the 500 largest US corporations by market capitalization, hit a record high of 3,258 on Thursday, the first trading day of 2020, extending a rally from last year.

While global equity markets regained their positive footing, Wednesday's rocket launches by Iran had "undoubtedly raised some eyebrows," TD Securities said in a note.

"The skirmish between the US and Iran continues to capture most of the limelight," the brokerage added.

The technology-heavy Nasdaq Composite Index was up 0.4 percent at 9,101. The Nasdaq hit a record high of 9,093 at its 2020 debut. The technology sector was the darling of Wall Street investors last year, lifting the Nasdaq by 36 percent for the index's best performance in six years.

US stocks' broad Dow Jones Industrial Average rose 0.2 percent to 28,626. The Dow also hit an all-time high on the first session of the year, rising to 28,873. The broad Wall Street closed 2019 trading up 23 percent for its best performance in two years.

Since Soleimani's killing outside Baghdad airport on Friday, Iran's Supreme Leader Ayatollah Ali Khamenei and Trump have exchanged strike threats.

Iranian Foreign Minister Javad Zarif tweeted earlier on Wednesday that the Islamic Republic does "not seek escalation or war, but will defend ourselves against any aggression." Trump, ahead of his address to the nation on Wednesday, said he has identified 52 targets in Iran, including sites of cultural prominence, in a plan for a counter attack that could be "disproportionate."