US military industry stocks are rallying

Shares of military industries boomed following US air strike on Iraq, killing Iranian revolutionary card general Qasem Soleiman by


US military partners, who have won financially from the long-running wars in Iraq and Afghanistan, are the biggest winners in Wall Street as the tensions escalate in the Middle East, the Washington Post writes.

VIDEO: US forces kill Iranian general Qassem Soleimani

Lockheed Martin rose 3.6 percent on Friday, Raytheon rose 1.5 percent and General Dynamics closed 1 percent higher than Thursday. Nortrhrop Grumman climbed as much as 5.5 percent, Boeing's share remaining at Thursday's high.

The Pentagon has already announced that an additional 3,500 troops will be sent to the Middle East and Americans have been advised to leave Iraq immediately.

Defense industry analysts say escalated tensions could further increase US defense spending, which rose 16 percent in a few years under President Donald Trump.

Major US equity markets moved into a negative direction on Friday. Dow Jones and the Nasdaq were down 0.8 percent, while the S&P 500 was down 0.7 percent.

WTI oil prices rose 3.1 percent to $ 63.05 a barrel on the New York Stock Exchange, while the London North Sea Brent rose 3.5 percent to $ 68.6.

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