U.S. Stocks Stabilize After Turbulence Brought On By The War With Iran
HuffPost
The major indexes are still on pace for their third straight losing week.
U.S. stocks rose early Friday on Wall Street as a spike in crude oil prices caused by the war with Iran eased and traders sized up new data on consumer spending and the economy.
The S&P 500 was up 0.7%. The Dow Jones Industrial Average was up 304 points, or 0.6%, as of 10:01 a.m. Eastern time, and the Nasdaq composite was 0.7% higher.
The gains mark a stark change from the heavy turbulence in that gripped the market earlier in the week. The major indexes are still on pace for their third straight losing week.
In the energy market, which has been roiled by the Iran war and its impact on supplies of crude oil and gas, the price of a barrel of Brent crude, the international standard, was down 1% to $99.50 after settling at $100.46 on Thursday. It’s still up more than 36% for the month.
U.S. crude oil was down 1.6% to $94.11 a day after settling at $95.73 per barrel. It’s up around 40% this month.
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The major indexes are still on pace for their third straight losing week.
Oil prices moderated somewhat after the U.S. issued a 30-day license for countries to buy sanctioned Russian oil and petroleum products that were stranded at sea.
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