New York stock market closes higher, fear index eases

By Gokhan Ergocun

ISTANBUL (AA) - The New York stock market ended the day higher as news flow as ongoing conflicts' impact eased on commodities.

The Dow Jones Industrial Average rose by 0.49%, or 238.14 points, to close at 48,739.41.

The Nasdaq went up by 1.29%, or 290.79 points, to 22,807.48, while the S&P 500 increased 0.78%, or 52.87points, to 6,869.50.

The Volatility Index (VIX), also known as the "fear index," fell by 10.27% to 21.15 points.

While the US and Israel's attacks on Iran and Iran's retaliations continued, stock markets followed a positive trend with the slowdown in oil price increases and better-than-expected economic data.

US President Donald Trump's steps to ensure the continuation of passage through the Strait of Hormuz, an important route for global trade, also supported the positive trend in the markets.

In a statement on March 3, Trump announced that he had ordered the provision of political risk insurance and guarantees at a very reasonable cost for the financial security of all maritime trade passing through the Gulf, especially energy, and that the US Navy would begin escorting tankers passing through the Strait of Hormuz if necessary.

The Trump administration's statements came after the Tehran administration threatened to close the Strait of Hormuz to passage and attack ships attempting to pass through.

These developments slowed the rise in oil prices seen since the beginning of the week.

On the macroeconomic data front, nonfarm payrolls report in the US showed that private sector employment in the country rose more than expected in February.