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Wall Street brushes off Middle East tensions

Credit: Reuters Studio
Published on January 6, 2020 - Duration: 01:22s

Wall Street brushes off Middle East tensions

U.S. stocks ended higher on Monday, rebounding from Friday’s losses as investors brushed aside increased tensions in the Middle East, while shares of Alphabet and other internet names gained.

Yahaira Jacquez reports.

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Wall Street brushes off Middle East tensions

Stocks on Wall Street rose on Monday as investors brushed aside worries about mounting tensions in the Middle East.

The S&P 500 finished the day near session highs but it was the Nasdaq that made the most gains, getting a boost from tech giants - like Facebook and Amazon.

Meanwhile gold prices shot to an almost seven-year high on Monday as investors sought safety amid escalating tensions between the US and Iran.

But Andrew Wang of Runnymede Capital Management says the demand for commodities isn't anything new.

(SOUNDBITE)(ENGLISH) Runnymede Capital Management’s Andrew Wang saying: "I think that there are uncertainties, the question is, should people be buying in some of the defensive areas like gold, I think that the central banks around the world continue to inject liquidity into the system- so one could argue that you could see rising commodity prices and that is not just an event we're seeing today reacting to the middle east I think that's the beginning of a trend.

We started seeing oil performing better in the fourth quarter." Oil prices steadied Monday after spiking to $70 a barrel amid concerns of escalating conflict in the Middle East and the possible impact on oil supplies.

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