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U.S. stocks rally after Trump's Iran nuke deal decision

Xinhua,May 10, 2018 Adjust font size:

NEW YORK, May 9 (Xinhua) -- U.S. stocks traded higher around midday on Wednesday as Wall Street continued to digest U.S. President Donald Trump's decision to withdraw from the Iran nuclear deal.

By noon, the Dow Jones Industrial Average rose 23.56 points, or 0.10 percent, to 24,383.77. The S&P 500 added 8.56 points, or 0.32 percent, to 2,680.48. The Nasdaq Composite Index was up 18.84 points, or 0.26 percent, to 7,285.74.

In a televised speech on Tuesday, Trump announced the exit, adding he will not sign the waiver of nuke-related sanctions against Iran.

Some analysts said that Trump's decision could send oil prices higher, which would impact companies' earnings.

On the economic front, the Producer Price Index for final demand rose 0.1 percent in April, seasonally adjusted, missing market consensus of a 0.3-percent gain, the U.S. Labor Department reported Wednesday.

In corporate news, shares of Walt Disney, a Dow component, fell about 2 percent around midday Wednesday even after the company reported better-than-expected quarterly earnings. Enditem

 

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