U.S. stocks experienced a robust rally as of midday trading Tuesday in New York, with Wall Street mirroring the positive sentiment seen in Asia and Europe.

As the conflict entered its fourth day following an unexpected attack by Hamas on Israel, recent developments in the Middle East have seen the Israel Defense Forces advancing into Palestinian territory. This comes after the Israeli government ordered the cessation of supplies such as water, electricity, fuel and food to Gaza overnight.

Benjamin Netanyahu‘s government is attempting to negotiate an agreement with opposition forces to form an emergency government to address the critical phase of the conflict.

Israeli high-tech companies, tracked by Cathie Wood‘s ARK Israel Innovative Technology ETF (NYSE:IZRL) and the BlueStar Israel Technology ETF (NYSE:IZRL), were recording gains of 2.3% and 2%, respectively.

Atlanta Federal Reserve President Raphael Bostic said further interest rate hikes by the Fed might not be necessary, echoing comments made by Federal Reserve Bank of Dallas President Lorie Logan, who mentioned on Monday that the surge in long-term rates could reduce the need for additional tightening.

The positive momentum was widespread, with 449 companies in the S&P 500 posting gains and all sectors in the green.

Cues From Tuesday Trading:

The S&P 500 rose 1.1%, while the tech-heavy Nasdaq 100 slightly outperformed the broader market, gaining 1.2%.

Blue-chip stocks in the Dow Jones rose 0.8%, while small caps in the Russell 2000 rallied 1.7%

US Index Performance On Tuesday

Tuesday’s Trading In Major US Equity ETFs

Looking at S&P 500 sector ETFs:

Minneapolis Fed President Neel Kashkari is scheduled to speak at 3 p.m. EDT. Kashkari is also a member of the FOMC, the rate-setting committee of the Fed.

See Also: How To Trade Futures

Stocks In Focus:

Commodities, Bonds, Other Global Equity Markets:

Crude oil fell 0.6%, with a barrel of WTI-grade crude trading at $84.60. The United States Oil Fund ETF (NYSE:USO) was 0.3% lower to $76.90.  

Treasury yields were mixed, with the 10-year yield flat at 4.64% and the two-year yield up by 3 basis points to 4.96%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was unchanged for the day. 

The dollar fell, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.3%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.4% higher to 1.0602.

European equity indices rallied substantially. The SPDR DJ Euro STOXX 50 ETF  (NYSE:FEZ) rose 1.4%. 

Gold edged 0.1% down to $1,860/oz, while silver fell 0.2% to $21.80. Bitcoin (CRYPTO: BTC) was 1% lower to $27,358.

Staff writer Piero Cingari updated this report midday Tuesday. 

Read Next: Why This CBOE Global Markets Analyst Is Bullish At Time Of Geopolitical Turmoil