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Storm 'Milton' depresses share prices: Wall Street worried about the Middle East
Wall Street is reacting with concern to geopolitical tensions in the Middle East and Storm Milton, which is weighing on insurance companies.
Storm 'Milton' depresses share prices: Wall Street worried about the Middle East
Wall Street is under pressure! Investors are reacting nervously to the alarming geopolitical situation in the Middle East. After the major indices suffered significant losses at the start of the week, the Dow Jones index closed 0.9 percent lower at 41,954 points. The S&P 500 and the Nasdaq Composite also lost 1.0 and 1.2 percent. The risky market is additionally burdened by rising bond yields and unpredictable weather conditions, which have a massive impact on insurance values.
Particularly dramatic: Hurricane Milton has strengthened to Category 5 storm strength and is threatening densely populated areas in Florida, causing the insurance sector in the S&P 500 to collapse by 3.1 percent. Stocks from reinsurers such as RenaissanceRe and Everest lost up to 9.3 percent. On the other hand, Pfizer celebrated a 2.2 percent increase thanks to a billion-dollar investment from an activist investor. Oil prices also saw a rise of around 4 percent, fueling concerns about the conflict between Israel and Iran. For more details, see the current reporting on www.n-tv.de.