US Stocks Rise Slightly, Markets Eye US-Iran Ceasefire
US stocks edged higher on Friday (May 29), while oil prices weakened, as major indexes prepared to close the month on a positive note amid close monitoring of the Middle East conflict and the fragile US-Iran ceasefire. The S&P 500 and Nasdaq each rose 0.2%, setting new intraday records. The Dow Jones Industrial Average rose about 70 points, or 0.2%.
In energy markets, WTI fell about 1% to around US$87 per barrel, while Brent crude also fell about 1% to US$91 per barrel. These movements followed reports that Iran's armed forces launched missiles on Thursday night, as President Donald Trump continued to consider extending the ceasefire.
On a weekly basis, all three major indexes were on track for gains, with the Nasdaq leading the way after rising more than 2%. The S&P 500 gained more than 1% for the week, while the Dow recorded a gain of less than 1%. Friday was also the final trading session of May, and all three indexes were on track to close the month in the green: the S&P 500 rose about 5%, the Dow rose about 2%, and the Nasdaq was the fastest-rising gainer, rising about 8%.
The market was coming off a record-breaking session after news of a preliminary ceasefire agreement emerged. Reports indicated that the US and Iran had agreed to a 60-day memorandum of understanding (MoU) to extend the ceasefire, maintaining optimism that de-escalation was still possible, although its implementation remains unclear. (Arl)
Source: Newsmaker.id
