S&P 500 cuts losses despite rising geopolitical tensions amid Israel-Hamas war
Investing.com -- The S&P 500 climbed Monday, after cutting losses despite rising geopolitical tensions amid fears the Israel-Hamas conflict could spark a wider war in the Middle East.Following the surprise Hamas’ attack on Israel, and subsequent declaration of war by Israel, geopolitical tensions in the Middle-East dominated investor attention and briefly kept a lid on their appetite for risk.
“The Saudi leadership has insisted on Israel making significant concessions to the Palestinians as part of any normalization agreement and given what has transpired, it is very difficult to envision a government that is now on war footing to agreeing to such terms,” RBC said in a note.The move higher in energy stocks was also supported by rising oil prices on fears of disruptions in the oil-rich Middle East amid rising geopolitical tensions.
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