BUSINESS

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BUSINESS

Israel-Hamas war: US defense stocks soar

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Defense stocks skyrocket

As the conflict between Israel and Hamas intensifies, US defense stocks are seeing remarkable growth, with some stocks rising up to 11.4%.

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S&P index's record day

The S&P 500 Aerospace & Defense Index rose by 5.6%, marking its best day since November 2020.

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Defense stocks performance

Northrop Grumman was up by 11.43%, L3Harris Technologies witnessed a 9.96% rise, Huntington Ingalls Industries rose by 9.34%, and Lockheed Martin gained 8.93%.

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Airlines suspend flights

The airline industry is also affected, with major carriers suspending flights to Israel and the Bloomberg World Airlines Index falling 2.6%.

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Oil, gold prices rise

Oil prices have risen due to concerns about potential unrest in the Middle East, while gold prices increase as investors seek safe-haven assets amid geopolitical uncertainty.