Thu, 17 Oct 2019

Wall Street jumps as war in Middle East intensifies

Lola Evans
11 Oct 2019, 07:53 GMT+10

NEW YORK, New York - Stocks in the United States were considerably stronger on Thursday as trade talks resumed in Washington.

The gains came too as the Turkish invasion of north Syria entered its second day with reports that dozens of Kurd civilians had been killed. War is good for business with many defense contractors recording major advances.

The British pound soared on comments by Irish leader Leo Varadkar that recent talks with the UK over the Irish back stop were 'promising.'

At the close of trading Thursday the Dow Jones Industrial Average was ahead 150.66 points, or 0.57%, at 26,496.67.

The Standard and Poor's 500 rose 18.73 points, or 0.64%, to 2,938.13.

The Nasdaq Composite jumped 47.04 points, or 0.6%, to 7,950.78.

The British pound rose around 2% to 1.2435 by the New York close on Thursday.

The euro was also in demand at 1.1007.

The Japanese yen however buckled to 107.87. The Swiss franc fell to 0.9964.

The Canadian dollar edged higher to 1.3291.

The Australian dollar rose to 0.6762. The New Zealand sollar strengthened to 0.6318.

In overseas equity markets, the FTSE 100 in London advanced 0.28%.

The German Dax rose 0.58%. The biggest gainer however was the CAC 40, in Paris, France which jumped 1.27%.

In Asia, the Shanghai Composite was ahead 22.85 points or 0.78% at 2,947.71.

Hong Kong's Hang Seng advanced 25.12 points or 0.10% to 25,707.93.

In Japan, the Nikkei 225 rose 95.60 points or 0.45% to 21,55.98.

Australia's All Ordinaries did not join the party. The key index closed down 4.10 points or 0.06% at 6,662.90.

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