Wall Street opened higher even as tensions between the United States and Iran persisted.
At 10:08 a.m. on the 17th, the Dow Jones Industrial Average on the New York Stock Exchange was up 347.90 points, or 0.74%, at 47,294.31 from the previous session. The Standard & Poor's (S&P) 500 was up 42.97 points, or 0.64%, at 6,742.35, and the Nasdaq composite was up 140.87 points, or 0.63%, at 22,515.05.
Tensions between the United States and Iran continue, but market participants appear to be carrying over the previous day's upward momentum. Easing concerns about a blockade of the Strait of Hormuz lifted investor sentiment.
Kevin Hassett, Chairperson of the White House National Economic Council (NEC), said, "Tankers have already started to pass through the strait little by little, and I see this as a sign of how limited Iran's capabilities are," and added, "We coordinated the release of strategic petroleum reserves with 35 countries, and we can expand it if necessary."
Mark Malek, chief investment officer (CIO) at Seabert Financial, said, "The S&P 500 is down only about 4% compared with the peak before the clash between the United States and Iran," adding, "This means the market and investor sentiment are holding up." He went on to explain, "Ultimately, the U.S. market is still perceived as offering the best upside opportunities for investment, and that perception is propping up at least some of the fear."
With the Federal Open Market Committee (FOMC) meeting starting for two days from today, market participants are awaiting a rate decision. On the 18th, the February producer price index (PPI) is also scheduled for release.