Tech Stocks Drive Global Rally, Nasdaq Up 0.69% to Snap Losing Streak; Oil Surges

This uplift helped the Nasdaq Composite rise by 0.69% to 22,734.69, with an analyst noting it's "a nice change to see tech take back the baton" after a challenging year. European equities also reached record highs, with the STOXX 600 closing up 1.19%.

The market's positive performance was influenced by investors analyzing the U.S. Federal Reserve's latest policy meeting minutes, which indicated a near-unanimous agreement to hold interest rates steady. Geopolitical tensions, including unresolved Ukraine peace talks and Iran's temporary closure of the Strait of Hormuz, significantly boosted crude oil prices (U.S. crude up 4.59%) and gold (up 2.1%) due to increased safe-haven demand.

Currency markets saw the dollar strengthen against a basket of currencies, while the euro dipped amid rumors of ECB President Christine Lagarde's early departure.