After last week’s plunge, U.S. stocks edged higher with the Dow Jones Industrial Average gaining 157 points, or 0.4%, and the S&P 500 also climbing 0.4%, according to CNBC Monday.
The Nasdaq also rose 0.2 percent, according to the report, amid data suggesting there may be no escalation of geopolitical conflicts around the world, largely focused on the Middle East.
Shares of Goldman Sachs also traded 4% higher with JPMorgan gaining 2% in today’s trading, having lost last week.
The new economic data also forced traders to help stocks move higher.
The outlet said: “Retail sales rose 0.7% for the month of March, providing the latest indication that consumption remains strong despite inflationary pressures.”
But as the market rallied, gold futures fell more than 1 percent to $2,346.00 an ounce, before the yellow metal hit a new record high last week.
Gold is currently up 15% this year as people invest more in gold to offset inflation and geopolitical tensions.
Oil prices also plunged in the market on Monday, bringing losses to those who profited from last week’s gains. As Israel fended off an Iranian missile and drone attack, investors looked positive.
“Historically, geopolitical shocks cause short-term volatility, not long-term market declines,” said Emily Bowersock Hill, managing director of Bowersock Capital Partners, according to the agency.
“In this current environment, however, the risk of an extended period of instability is higher given the inflationary oil price shocks that may arise from heightened tensions in the Middle East.”
As the attack was foiled, fears of Israeli retaliation continue to haunt the market.
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