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Equities and Oil Surge Despite Middle East Conflict

Stocks finished higher on Tuesday to reverse Monday’s losses and oil jumped despite rising concerns about the conflict that has broken out in the Middle East. Islamic terror group Hamas launched a widescale attack on Israel, with the nation declaring war in response. This has spiked investor concerns that another full-blown conflict could join the Russia-Ukraine conflict in rocking international markets.

“Geopolitical risk doesn’t tend to linger long in markets, but there are many second-order impacts that could come through in the weeks, months, and years ahead from this weekend’s developments,” Deutsche Bank strategist Jim Reid remarked.

The S&P 500 and the Dow Jones Industrial Average rose by 0.6% each, while the tech-heavy Nasdaq Composite advanced by nearly 0.4%. Oil prices rose across the board, with West Texas Intermediate crude oil futures and Brent crude futures gaining over 4%. Investors also found refuge in gold and government bonds.

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