The S&P 500 Index is up 0.35% today, while the Dow Jones Industrial Average has increased by 0.22%, and the Nasdaq 100 Index has risen by 0.48%. This market rebound occurs amid a 2% surge in crude oil prices due to tensions over the Strait of Hormuz, where over 800 vessels remain trapped as access is restricted by Iran. The U.S. and Iran are at odds over violations of a ceasefire, with President Trump insisting on maintaining U.S. troop presence in the Persian Gulf.
In economic news, U.S. weekly initial unemployment claims rose by 16,000 to a total of 219,000, marking an 8-week high, against an expectation of 210,000. February personal spending increased by 0.5%, below the anticipated 0.6%, while personal income unexpectedly fell by 0.1%. Additionally, U.S. Q4 GDP was revised down to an annualized growth rate of 0.5%, compared to expectations of 0.7%.
On the international front, Germany saw a surprising decline in February industrial production by 0.3%, while exports increased by 3.6%. Conversely, the Euro Stoxx 50 is down 1.02%, and negative sentiments were noted in China’s Shanghai Composite and Japan’s Nikkei 225, both closing lower.
