US Stocks Rebound as Oil Eases, but S&P 500 Set for Third Weekly Loss
US stocks rose on Friday while oil prices edged lower, as investors awaited further developments in the war involving Iran that has kept energy markets on alert.
The Dow Jones Industrial Average gained 231 points, or 0.5%. The S&P 500 added 0.6%, while the Nasdaq Composite advanced 0.5%.
Despite the day’s bounce, the S&P 500 was tracking a 0.3% decline for the week, putting it on pace for its first three-week losing streak in about a year. The 30-stock Dow was headed for a weekly drop of about 1.1%, while the tech-heavy Nasdaq was up 0.3% week to date.
Oil’s recent rally reversed course on Friday. West Texas Intermediate (WTI) crude futures fell about 1% to around US$94 a barrel, while Brent futures slipped 0.5% to about US$99. Brent had closed above US$100 on Thursday for the first time since August 2022.
Markets were coming off a losing session after oil spiked on Thursday following comments from Iran’s new supreme leader, Mojtaba Khamenei, who said the Strait of Hormuz—a critical global energy route—should remain shut as a tool to pressure opponents. Traffic through the strait has been virtually halted since the US and Israel launched strikes on Iran in late February, keeping investors focused on any signs of progress that could ease supply risks and inflation concerns.
Source : Newsmaker.id
