The Fort Worth Press - US stocks resume upward climb as dollar advances again after Fed outlook

But the dollar continued to push higher in light of the Fed outlook, while oil prices were mixed as markets try to suss out when the reopening of the Strait of Hormuz will boost crude supply.

Briefing.com analyst Patrick O'Hare said Wednesday's equity market losses created an opportunity for bullish investors, calling the selloff "catnip for the buy-the-dip crowd" after hawkish elements of the Fed announcement rattled markets.

Major US indices had fallen about one percent or more on Wednesday after newly installed Fed Chair Kevin Warsh highlighted the central bank's commitment to price stability as the Fed released an updated outlook that raised the inflation forecast and projected a rate hike in 2026.

US stocks opened higher Thursday and stayed in positive territory the entire day. The broad-based S&P 500 finished up 1.1 percent.

Markets have greeted the announcement of a peace deal between Washington and Tehran, which sets in motion a 60-day period for talks on wider issues between the two foes, including the Iranian nuclear program.

American forces earlier Thursday lifted their naval blockade of Iranian ports that had prevented ships from sailing to or from the Islamic republic, the US military said, noting that American warships "will remain in the general area".

Three Saudi oil tankers left the Gulf through the Strait of Hormuz on Thursday, maritime trackers said, while the loaded liquefied natural gas vessel (LNG) Mraikh became the first such French vessel to make the transit since the start of the conflict.

Oil prices, which fell sharply after the deal was announced, finished mixed Thursday as the market weighs questions about how quickly tanker deliveries will resume.

There was little momentum on the main European markets, meanwhile.

London's benchmark FTSE 100 index closed down one percent, with the Bank of England widely expected to keep its main interest rate on hold despite elevated inflation.

Frankfurt and Paris both ended around 0.4 percent in the green, in contrast.

In Asia, Seoul surged more than two percent and ploughed past 9,000 points for the first time thanks to a fresh surge in chip titans Samsung and SK Hynix as the AI boom continues apace.

Tokyo, meanwhile, finished above 71,000 points for the first time.

Among individual companies, consultancy Accenture slumped 16.3 percent after missing quarterly revenue expectations as it cited a hit from the Middle East war.

"Management continues to highlight strong large-client activity and more AI work moving from pilots into production, but investors will need to see that translate into clearer revenue acceleration, especially in consulting," said a note from Briefing.com.

SpaceX fell for a second straight session, losing 3.6 percent after Elon Musk's rocket company soared in its first three sessions following a record IPO.

- Key figures around 2015 GMT -

Brent North Sea Crude: UP 0.4 percent at $79.85 a barrel

West Texas Intermediate: DOWN 0.3 percent at $76.60 a barrel

New York - Dow: UP 0.1 percent at 51,564.70 (close)

New York - S&P 500: UP 1.1 percent at 7,500.58 (close)

New York - Nasdaq: UP 1.9 percent at 26,517.93 (close)

London - FTSE 100: DOWN 1.0 percent at 10,399.70 points (close)

Paris - CAC 40: UP 0.4 percent at 8,467.98 (close)

Frankfurt - DAX: UP 0.4 percent at 25,026.80 (close)

Tokyo - Nikkei 225: UP 1.7 percent at 71,053.49 (close)

Hong Kong - Hang Seng Index: DOWN 1.6 percent at 23,924.81 (close)

Shanghai - Composite: DOWN 0.4 percent at 4,090.48 (close)

Euro/dollar: DOWN at $1.1460 from $1.1501 on Wednesday

Pound/dollar: DOWN at $1.3206 from $1.3293

Dollar/yen: UP at 161.32 yen from 160.65 yen

Euro/pound: UP at 86.78 pence from 86.52 pence

burs-jmb/msp

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