Midday Update: Wall Street Rallies as Trump's Afghanistan Strategy Gives Defense Stocks a Boost

Stocks are rising as Wall Street responds to Trump's Afghanistan strategy.
Publish date:

<L3 Name = "Kinsey Grant">
This is how markets are trading at midday this Tuesday, August TWENTY-SECOND.

<FS="Index full screen"> DOW, S&P 500, NASDAQ with lower third "STOCK MARKET BANKS ON DEFENSE GAINS"
All three major indexes are trading decidedly higher as rising defense stocks pull markets with them. The Dow trended up 0.7% with the S&P adding 0.8% as well. The Nasdaq jumped a solid 1.1% during midday trading.

<FS="S STOCK"> Back to anchor, Lower third: DEFENSE STOCKS BOOMING

President Trump's hawkish speech on an Afghanistan strategy brought gains for Boeing, General Dynamics, Northrup Grumman and Lockheed Martin. Trump outlined plans to "change dramatically" the approach to the long-running conflict in Afghanistan Monday night. The President changed his campaign tune, promising to "fight to win" instead of withdrawing entirely.

<FS="S STOCK"> Ticker: WTI Crude Oil Prices; Lower third: WTI CRUDE REBOUNDS

And crude oil prices rebounded after a sharp 2% decline Monday. At midday Tuesday, West Texas Intermediate crude was up 0.7% to $47.72 per barrel. Rising prices come as concerns OPEC members wouldn't comply with production agreements dissipate some.


And DSW stock was surging more than 20% at midday after the shoe retailer reported its first comp sales growth since 2015. Earnings of 38 cents per share also topped estimates.

<L3 Name = "Kinsey Grant">
And that's where the markets traded at midday. In New York, I'm Kinsey Grant for TheStreet.