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U.S. stocks rose on Wednesday as traders monitor the latest developments in the Middle East and brace for the Federal Reserve’s latest rate policy decision.
The Dow Jones Industrials soared 175.89 points as Wednesday morning became afternoon at 42,391.69.
The S&P 500 index picked up 25.67 points to 6,008.39.
The NASDAQ Composite strengthened 114.25 points, to 19,634.54.
Meta Platforms is reportedly poaching staff from OpenAI with lucrative signing bonuses that have totaled as much as $100 million U.S. Meta shares galloped $2.89 to $700.12.
Stocks are coming off a downbeat session Tuesday as the Israel-Iran conflict mounted.
The attacks between the two countries entered their sixth day Wednesday as Iran’s supreme leader, Ayatollah Ali Khamenei, said that Iran won’t surrender and warned that the U.S. will “undoubtedly be met with irreparable damage” if it enters the conflict.
This comes after President Donald Trump took to his Truth Social platform Tuesday to threaten the Iranian leader, saying that “our patience is wearing thin” and calling for “UNCONDITIONAL SURRENDER!” Current and former administration officials also told NBC News that Trump is weighing options on Iran, including whether to launch a military strike.
The Federal Reserve’s rate decision is due at 2 p.m. ET. The U.S. central bank is widely expected to hold rates steady, but investors will be keeping a close eye on Fed Chair Jerome Powell’s post-meeting comments.
Prices for the 10-year Treasury were higher, pushing yields lower to 4.35% from Tuesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices dropped 79 cents to $74.05 U.S. a barrel.
Gold prices regained five dollars to $3,411.90 U.S. an ounce.
