NY Stocks Bounce Back as Crude Oil Prices Plummet

New York stocks rebounded on the 11th after four consecutive days of losses. The Dow Jones Industrial Average rose by 547 points to 52,611, a 1.05% increase. The Nasdaq Composite and S&P 500 also saw gains of 301 and 77 points respectively.

The tech-heavy Nasdaq Composite rose 1.15% to 26,382, while the S&P 500 gained 1.02% to 7,669. The Philadelphia Semiconductor Index (SOX) climbed 2.25% to 11,875.

Crude oil prices, which had surged on escalating Middle East tensions, reversed sharply lower, soothing investor sentiment and triggering broad-based bargain hunting across a wide range of stocks. U.S. benchmark WTI crude futures dropped $2.12 (2.07%) to $100.36 per barrel.