US Dollar Hits 2-Week High as Stocks Rise on Earnings and Iran Conflict
Stocks edged higher on Thursday as investors shifted their focus back to the conflict in Iran after softer-than-expected US data reinforced expectations that the Federal Reserve will keep interest rates unchanged next month.
The US dollar rose to its strongest level in nearly two weeks, with the dollar index up 0.32 per cent at 100.01. Oil prices slipped slightly to $88 as commercial crude oil inventories posted their largest weekly gain since January 2023 and the Organization of the Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026.
Earnings from AI infrastructure firms boosted technology stocks, with the semiconductor index advancing about 2.5 per cent, the biggest daily rise in almost a week. The Nasdaq outperformed peers, rising 0.03 per cent.