Wall Street stocks moved higher on Tuesday, extending the previous session’s advance as a decline in oil prices supported investor sentiment amid growing hopes of diplomatic progress in the US-Iran conflict.
At 09:32 a.m. ET, the Dow Jones Industrial Average rose 155.42 points, or 0.30%, to 52,204.25, the S&P 500 gained 14.39 points, or 0.19%, to 7,779.09 and the Nasdaq Composite added 89.57 points, or 0.33%, to 27,211.66.
Iranian President Masoud Pezeshkian travelled to New York to participate in the United Nations General Assembly, with markets closely watching the visit for signs of potential diplomatic engagement.
Investors see the gathering as a possible opportunity for Iranian and US officials to discuss conditions for bringing the conflict to an end. Any progress towards an agreement could also pave the way for the reopening of the Strait of Hormuz, a crucial route for global oil shipments.
“Market participants are sitting fairly tight to see how the tape plays out as the UN General Assembly discusses diplomatic roadmaps, the US and Iran trade both peace-minded and military-minded overtures, and President Trump and President Xi ready for their September 24 meeting,” said Briefing.com analyst Patrick O’Hare.
Big technology companies showed a mixed performance in early Tuesday trading after a strong rally among the group helped push the Nasdaq to a record closing high on Monday.
