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Falling oil prices send Wall Street toward its best day since the Iran war began
Falling Brent and U.S. crude prices eased inflation concerns, driving the S&P 500 up 1.2% in its best day since conflict began, lifting fuel-heavy companies.
- The S&P 500 jumped 1.2% on Monday as benchmark U.S. crude fell 4% to $94.75, driving a broad rally across U.S. markets and easing recent inflation fears.
- Iran effectively halted traffic through the Strait of Hormuz, where a fifth of the world's oil sails, prompting producers to cut output and fueling earlier market volatility.
- Fuel-Sensitive stocks like Norwegian Cruise Line Holdings climbed 4.8% and United Airlines gained 4.2%, while the 10-year Treasury yield fell to 4.22% following a weak New York manufacturing report.
- President Donald Trump demanded other nations "take care of that passage" regarding the Strait, while traders see virtually no chance the Federal Reserve cuts rates this Wednesday.
- The U.S. stock market has a track record of bouncing back relatively quickly from Middle East conflicts, though the S&P 500 remains about 4% below its all-time high.
39 Articles
39 Articles
Falling oil prices send Wall Street toward its best day since Iran war began
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The Columbian
Falling oil prices send Wall Street toward its best day since the start of the Iran war
NEW YORK — Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began. Read more...
Oil prices fell on the markets today and stock indexes rose in the West. Wall Street had its best day since the US and Israel launched attacks on Iran.
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