Dollar Hits 7-Month High Against Shekel as Israeli and US Markets Plunge

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The US dollar reached a seven-month high against the Israeli shekel on Thursday, trading at 3.20. Global markets, including Wall Street and Tel Aviv, experienced sharp declines after initial optimism from the US midterm elections faded. Concerns over regulation and political uncertainty contributed to the downturn, with defense stocks in Tel Aviv falling 7%.

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The dollar reached a seven-month high against the Israeli shekel, trading at 3.20.
Wall Street's Nasdaq and S&P 500 indices fell significantly on Thursday.
The Tel Aviv Stock Exchange saw major indices drop between 2.9% and 3.7%.
Israeli defense stocks experienced a sharp decline of 7%.
Market uncertainty in Israel and concerns over US election outcomes impacted trading.

The dollar reached a seven-month high against the Israeli shekel on Thursday, trading at 3.20 shekels. This development coincided with a significant downturn in global markets, including Wall Street and the Tel Aviv Stock Exchange, following initial optimism after the US midterm elections.

On Wall Street, the Nasdaq index fell approximately 3.5%, and the S&P 500 dropped over 2%. The decline was attributed to concerns over increased regulation, particularly impacting chip and artificial intelligence stocks.

The Tel Aviv Stock Exchange mirrored this trend, with all major indices closing in the red. The TA-35 index dropped 3.7%, the TA-125 fell 3.4%, and the TA-90 decreased by 2.9%. Defense stocks experienced particularly sharp declines, plummeting by 7%.

Market analysts cited political uncertainty in Israel, compounded by investor apprehension regarding the implications of the US midterm election results, as the primary drivers for the sell-off in Tel Aviv.