New york: Major US stock indices recorded significant gains on Tuesday, bolstered by a sharp drop in energy costs and shifting market sentiment. Meanwhile, the price of US benchmark crude, West Texas Intermediate (WTI), fell by approximately $6 to settle at $91.95 per barrel.
According to Jordan News Agency, the tech-heavy Nasdaq Composite led the rally, surging 455 points to reach 23,639 points, a gain of 1.96%. The blue-chip Dow Jones Industrial Average also saw a substantial rise, climbing 317 points to finish at 48,536 points.
Broad-market performance followed suit, as the SandP 500 index rose about 81 points to close at 6,967 points, marking a 1.18% increase for the session.
Market analysts noted that the retreat in oil prices provided a relief rally for equities, easing immediate concerns regarding energy-driven inflation. The decline in crude prices is largely attributed to the diplomatic signals mentioned by UN and international officials earlier today regarding potential de-escalation in the Middle East, which reduced the "geopolitical risk premium" that had been propping up energy markets.