NIO - Stocks Rally As Israel Regains Ground Dollar Slides On Fed's Dovish Tone: What's Driving Markets Tuesday? | Benzinga
U.S. stocks experienced a robust rally as of midday trading Tuesday in New York, with Wall Street mirroring the positive sentiment seen in Asia and Europe.
As the conflict entered its fourth day following an unexpected attack by Hamas on Israel, recent developments in the Middle East have seen the Israel Defense Forces advancing into Palestinian territory. This comes after the Israeli government ordered the cessation of supplies such as water, electricity, fuel and food to Gaza overnight.
Benjamin Netanyahu‘s government is attempting to negotiate an agreement with opposition forces to form an emergency government to address the critical phase of the conflict.
Israeli high-tech companies, tracked by Cathie Wood‘s ARK Israel Innovative Technology ETF (NYSE:IZRL) and the BlueStar Israel Technology ETF (NYSE:IZRL), were recording gains of 2.3% and 2%, respectively.
Atlanta Federal Reserve President Raphael Bostic said further interest rate hikes by the Fed might not be necessary, echoing comments made by Federal Reserve Bank of Dallas President Lorie Logan, who mentioned on Monday that the surge in long-term rates could reduce the need for additional tightening.
The positive momentum was widespread, with 449 companies in the S&P 500 posting gains and all sectors in the green.
The standout performers of the day were solar-related stocks, including Enphase Energy Inc. (NASDAQ:ENPH), First Solar Inc. (NASDAQ: