US Stocks Firm After Oil Prices Fall Due to Israel-Iran Conflict

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The US Wall Street market rose after recording positive gains yesterday.


Major stock indexes rose, supported by falling oil prices after the Israeli-Iranian attack did not affect crude oil production and exports.


The S&P 500 index rose 0.94%, the Dow Jones increased 0.75%, while the technology-focused Nasdaq gained 1.52%.


Crude oil prices fell more than 1% on hopes of a ceasefire between Israel and Iran, as Iran urged US intervention and Israel claimed it was on track to win.


Tehran also appealed to Qatar, Saudi Arabia and Oman to urge US President Donald Trump to use his influence with Israel to achieve an immediate ceasefire.


The rise was driven by the Federal Reserve's (Fed) FOMC meeting scheduled for Tuesday and Wednesday this week.


The Fed is expected to keep interest rates around 4.5% at the end of Wednesday's meeting as labor market and inflation data in May showed stronger growth.


In other developments, as Iran-Israel tensions escalate, Trump issued a stern warning to Iran to sign the nuclear deal and insisted that Tehran cannot have nuclear weapons.


Trump also urged Iranians to evacuate Tehran to protect civilian lives and show the US is serious about addressing the issue.


Investors are now awaiting a decision on US monetary policy when policymakers are expected to keep interest rates unchanged.


US stock market volume recorded $17.86 billion compared to an average of $18.14 billion over the full 20 trading days.

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